End in sight for oil price rally, IEA predicts

A recovery in US oil production could ease global prices, the International Energy Agency has claimed.

The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the US and elsewhere, the International Energy Agency (IEA) has said.

Demand growth remains robust, but supply is catching up and changes in oil stockpiles seen in October suggest “the tide might be turning”, according to the IEA’s monthly report.