IEA: Market Shows Waning Confidence In Oil Rebalancing

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The rebalancing of the oil market is taking too long, the International Energy Agency (IEA) said in its Oil Market Report on Thursday.

Since the record net long position that money managers built in February on hopes that OPEC’s cuts would rebalance the market, investors’—and industry bodies’—confidence has been waning.

“Brent prices have closed below $50/bbl each day since early June and few investors expect a recovery anytime soon,” the IEA said…

 

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