International Energy Agency out with their latest report
- sees oil stocks building throughout 2016, by 2m bpd in Q1, 1.5m in Q2
- possible further growth of OPEC 2016 production and USD strength to keep pressure on oil prices
- "very hard to see how oil prices can rise significantly" if stock building continues
- big fall off in production from US shale producers is taking a long time to happen
No joy here for oil price bulls as IEA comes in with a timely reality check.
Full IEA report here
Brent currently $33.34 just off session highs with WTI $30.45
