IEA chief says U.S. shale is needed for now as oil prices climb

World Oil | Jan 12, 2021 at 1:00 AM
  • Oil in New York climbed to a new 10-month high as the dollar declined.
  • Oil has surged more than 45% since the end of October, boosted by Covid-19 vaccine breakthroughs and commitments from OPEC and its allies to curb oil output.
  • Recent Democrat victories in U.S. elections have also spurred expectations of economic stimulus, while commodity index rebalancing is also expected to buoy prices this week.