Oil prices fell on predictions that a swift pullback in US shale oil production brought on by the dramatic fall in the oil price will be “limited in scope” by the world’s leading energy forecaster.
The supply build-up hanging over the oil market will grind to a halt as early as July, the International Energy Agency said in its closely watched annual report setting out its five-year outlook. But while “the price correction will cause the North American supply ‘party’ to mark a pause; it will not bring it to an end”, it added.
US oil declined as much as 4 per cent, with Nymex March West Texas Intermediate falling $2.07 to $50.79 a barrel, while ICE March Brent, the international benchmark, fell $1.13 to $57.21.
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