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Oil Steady With Differing Views From IEA, OPEC Clouding Outlook
Oil steadied after a short-lived relief rally as the market digested differing views on the supply and demand outlook, while an industry report pointed to an expansion in US stockpiles. Global benchmark Brent traded above $82 a barrel, while West Texas Intermediate was close to $78. The International Energy Agency said global oil markets won’t be as tight as expected this quarter, with production growth in the US and Brazil beating forecasts. That came after an assessment from OPEC that highlighted robust growth trends and healthy fundamentals. The differing views from the two bodies “will likely keep oil markets ... (full story)