The global market likely won’t pull away from the supply side until at least 2017 as crude oil lingers in storage, the head of the EIA told U.S. lawmakers. Crude oil prices have moved sharply lower since the start of 2016 as concerns about the health of the Chinese economy cast a shadow over expectations of global economic growth. Chinese growth in gross domestic product last year was its lowest in 25 years and while the U.S. economy is advancing, lower wages continue to drag on full-scale recovery. Crude oil is lingering in storage as result of this sluggish demand. The U.S. Energy Information Administration in its latest report said commercial crude oil inventories […]