Wednesday, August 11, 2010

IEA Reports Big Increase in July Oil Supply

Well, after tracking the global oil recovery for quite a while, the last few months of declines had started to get me worried that the global economy was faltering, resulting in reduced demand.

However, this morning, the IEA reports that global supply increased by 850kbd in July, more than erasing the decline of the previous few months.  If so, that decline was just noise.  The OPEC report is due out on Friday, so we'll know more then.

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