Oil prices rise but gains are capped by ample supply
The International Energy Agency expects oil production to outstrip demand, even as US oil inventories fell by 2.5-million barrels
16 January 2020 - 13:20
London/Tokyo — Oil prices rose on Thursday after the US and China signed an eagerly awaited phase-one trade deal, giving some relief to markets, but gains were capped as the International Energy Agency (IEA) said it expected oil production to outstrip demand.
Brent was 36c, or 0.6%, higher at $64.36 a barrel by 9.41am GMT, while US crude was up by 22c, or 0.4%, at $58.03 a barrel...
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