Super Mario Draghi giveth, but does he taketh away? The International Energy Agency is now starting to see things my way and says a bottom for crude oil may be in. This sets the stage for a market rally as traders await the news today. The Baker Hughes rig count number may report that the rise in operation could fall to the lowest level since the 1800’s.
Global crude oil supplies are at a record 3.0 billion barrels, according to International Energy Agency in what they call an “unprecedented buffer.” This comes the day after oil prices were hit hard after the Energy Information Administration reported crude oil inventories grew by 4.2 million barrels last week driving inventories to 487 million barrels and driving U.S. supply to a near record high. This was led by crude oil imports that rose to 7.377 million barrels a day.