IEA’s Birol: China’s oil demand bounce may push producers to reconsider output
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“Oil producers may have to reconsider their output policies following a demand recovery in China, the world’s second-largest oil consumer,” International Energy Agency (IEA) Executive Director Fatih Birol said on the sidelines of the India Energy Week conference on Sunday per Reuters.
The news allowed WTI crude oil bears to take a breather at the one-month low surrounding $73.50, following a three-day downtrend.
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