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IEA doubts oil market's 'respite' will last

09/20/2010
The oil market remains in a period of unusual calm that probably won't last, says the International Energy Agency."Crude prices have generally been range-bound in a $70-85/bbl groove since last October, OPEC production has been anchored close to 29 million b/d since last October, OPEC spare capacity has exceeded 5 million b/d since early 2009, and OECD industry stocks have been oscillating around 60 days for most of the last 18 months," IEA notes in its September Oil Market Report.OECD is the Organization for Economic Cooperation and Development, representing industrial countries.IEA says its oil demand expectations for 2010, which it has updated monthly since the middle of last...
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