The rebound in oil prices looks to be short-lived, although prices remain well-above the low point of the recent decline. The head of the IEA commented this morning that the price drop indicates that the market is well-supplied. Nothing like jumping the gun and prodding OPEC into action, the mere second that Brent prices drop below $100 per barrel. Global supplies do seem to have loosened, after the seeming tightness experienced late last year.
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