The EIA head Birol is no the wire saying that:
- Further Strategic Petroleum Reserve release not off the table.
- Stands by the IEA’s report that said no new investlments in oil and gas fields area needed if the world wants to achieve net zero report emissions by 2050
- Russian oil production has not fallen as much as previously expected, managed to find new markets Europe
In other weekend news on oil, Elon Musk said:
- Realistically, I think we need to use oil and gas in the short term, because otherwise civilization will crumble.
The price of crude oil is testing its 200 day MA at $96.01. The high just reached $96.16, but is back at $95.85 as I type in volatile trading.
This article was originally published by Forexlive.com. Read the original article here.