Oil Steady Near $52 With IEA Signaling Possible U.S. Shale Boost

Bloomberg Quint | Jan 12, 2021 at 6:22 AM
  • Oil in New York was steady as its new year rally stalled with the International Energy Agency saying a “big chunk” of U.S. shale is profitable at current prices, signaling potential over-supply problems ahead.
  • Crude has paused after climbing to the highest level since February.
  • Oil has surged more than 45% since the end of October after Covid-19 vaccine breakthroughs, with Saudi Arabia’s pledge to deepen output cuts over the next two months adding impetus to the rally.