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Oil strengthens as IEA sees drop in investment

FXStreet (Mumbai) - Oil prices at both the sides on the Atlantic advanced on Tuesday after the IEA noted the drop in the US shale investment, but gains remained capped as the overall supply glut situation remains intact.

At the time of writing, the WTI oil futures were up 34 cents at USD 44.20/barrel. Brent futures were up 16 cents around USD 48.08/barrel.

Prices received a boost after the IEA, in its World Energy Outlook, noted that a drop in oil prices has led to a fall in the US shale output. However, the agency maintained that supply glut remains an issue and the market would rebalance around USD 80/barrel by 2020.

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