Oil prices move lower on ceiling warning from IEA

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Indications from the International Energy Agency that the oil market is brushing up against a ceiling sent crude oil prices sharply lower early Thursday.

Traders are watching the balance between supply and demand closely as a market tilted heavily toward the supply side last year sent crude oil prices below $30 per barrel. The Organization of Petroleum Exporting Countries started a move to balance the market in January and called on U.S. shale oil producers to do their part earlier this week.

The International Energy Agency said in its monthly market report for October that, for 2018, three out of the four quarters will show a market more or less in balance, assuming OPEC output stays the same and there are no major unforeseen disruptions…

 

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