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The recent drop in oil prices may be just a correction

watford city north dakota oilAndrew Burton/Getty Images

The oil price drop this week could just be a correction. 
Added supply from several oil producers is “welcome” news to the IEA. 
A supply outage had driven prices up. 
Supply risks are ever-present in the minds of oil investors right now. 

The oil market is “stretched to the limit” despite the fact that OPEC+ agreed to ramp up production following their meeting last month, according to the International Energy Agency.

The IEA said that the increased supply from Saudi Arabia, its Gulf allies and Russia is “very welcome,” given the series of outages reported around the world.See the rest of the story at Business Insider

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