Global oil stocks could still build by 15 million barrels per day (bpd) in the second quarter even if OPEC+ cuts crude oil output by 10 million bpd, International Energy Agency’s (IEA) chief Fatih Birol said on Friday, per Reuters. “Oil price collapse is bad for consumers too,” Birol added. “Refining and retail industry risks losing 50 million jobs worldwide.” Birol further noted that he was not aware of any specific measures by the US to reduce its oil output. WTI looks to snap five-week losing streak The barrel of West Texas Intermediate largely ignored these comments and was last seen adding 10.7% on the day at $27.35. After closing the previous five weeks with heavy losses, the WTI is up more than 25% since Monday. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Dropping again towards 0.55 – Rabobank FX Street 2 years Global oil stocks could still build by 15 million barrels per day (bpd) in the second quarter even if OPEC+ cuts crude oil output by 10 million bpd, International Energy Agency's (IEA) chief Fatih Birol said on Friday, per Reuters. "Oil price collapse is bad for consumers too," Birol added. "Refining and retail industry risks losing 50 million jobs worldwide." Birol further noted that he was not aware of any specific measures by the US to reduce its oil output. WTI looks to snap five-week losing streak The barrel of West Texas Intermediate largely ignored these comments and was last seen… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
