Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says

• OPEC and its allies agreed to extend production cuts into 2020 earlier this month, and already the International Energy Agency is saying that they may need to reduce production even more as the market has returned to surplus.
• The fall-off in global oil demand is only adding to the risks of another glut in the near future.
• Despite the warnings, crude is trading higher today, with a barrel of West Texas Intermediate for August delivery firmly over $60 as investors are more concerned about the immediate threat of a Barry-induced production shutdown and tensions in the Middle East.

(Source: Bloomberg)