Oil prospers as Gulf of Mexico producers cut output
But an International Energy Agency forecast for a global oil surplus has capped the gains
12 July 2019 - 12:57
London — Oil prices hovered near six-week highs on Friday and were on track for a weekly gain as US oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East.
However, an International Energy Agency (IEA) forecast for a global oil surplus capped the gains. The agency on Friday predicted that surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months...
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