Oil prices staged a strong rally on Thursday, moving up 4% by the end of the day thanks to positive forecasts from the IEA and comments from the Saudis. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, August 12, 2016 Oil prices staged a strong rally on Thursday moving higher by 4.27%. WTI ended the day at $43.67 per barrel while Brent was at $46.04. The rally was due in part to twin optimistic comments from the IEA and the Saudis. The IEA reported that crude production is falling behind demand. At this point that gap is likely to average around 1M barrels per day in Q3, says the IEA . The agency reports “Our balances show essentially no oversupply during the second half of the year.” That result is thanks to a combination of […]