The Brent oil price settled virtually unchanged on Friday night at $58.59. Price support came from the general lift in markets on Greece and China, as well as further delays to the Iran deal but most else was bearish. From the FT:
In a bearish assessment of market conditions the International Energy Agency said the adjustment process would “extend well into 2016” as production — led by Opec nations — continued to swell and demand growth softened.
The Paris-based agency, which advises the world’s biggest economies on energy policy, said the oil market was “massively oversupplied”.
