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For Some, There's Never Been a Better Time to Buy Oil

  • Decline in fuel inventories is accelerating, says Jeff Currie
  • Supply deficit to expand even more if OPEC extends cuts: IEA
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Oil Resumes Gains on U.S. Data

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Oil is trading near $50 again, OPEC seems to be losing its ability to influence prices and a wave of new supply is hitting the market from Texas to Libya. For some, there’s never been a better time to buy.

Despite last week’s selloff, the global oil market is rebalancing rapidly, said Jeffrey Currie, head of commodities research at Goldman Sachs Group Inc. If the Organization of Petroleum Exporting Countries extends its cuts into the second half -- as the group has signaled -- demand will significantly exceed production, according to the IEA’s Head of Oil Industry and Markets Neil Atkinson.