Crude Oil Rises to a Record $66 as the IEA Cuts Supply Estimate

Crude oil rose to a record $66 a barrel in New York after the International Energy Agency reduced its estimate of output by Russia and other non-OPEC producers.

The IEA cut its non-OPEC supply forecast by about 200,000 barrels a day, prompted by shutdowns in the Gulf of Mexico and the North Sea. Production will grow at a slower pace than was predicted a month ago. Citigroup Inc., the world’s largest financial-services company, raised its oil-price forecast today, saying there is no supply cushion.
Bloomberg