A week-long rally in crude oil, driven by a supply shortfall, eased on Tuesday as the west’s energy watchdog forecast that global inventories would grow next year.
The International Energy Agency predicted that growth in demand for crude would soften as the summer US driving season ended in coming weeks, and be further covered when planned production increases hit the market later this year.
The cautious report helped cool crude prices after what the IEA described as “Olympic levels of volatility” in the past month.
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