MTECHTIPS:- Oil tumbles to 1-week low after IEA warns of boost

MTECHTIPS:- Oil tumbles to 1-week low after IEA warns of boost to U.S. output

MTECHTIPS-Oil prices fell sharply during U.S. morning trade on Wednesday, reversing earlier gains, after the head of the International Energy Agency predicted a “significant” boost to U.S. output. Crude oil for February delivery on the New York Mercantile Exchange fell nearly 2.4% to a session low of $51.21 a barrel, a level not seen since January 11.= It was last at $51.57 by 10:15 AM ET (15:15 GMT), down 93 cents, or around 1.8%, after rising 11 cents, or 0.2%, a day earlier. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London slumped $1.01, or about 1.8%, to $54.46 a barrel, after falling 39 cents, or 0.7%, in the prior session. Oil sold off after IEA Executive Director Fatih Birol said that higher oil prices will trigger a “significant” increase in U.S. shale output as OPEC and other producers rein in supply. Market players may be viewing the comments as a “pre-release” of the IEA’s monthly oil market report due Thursday. OPEC signaled a falling oil supply surplus in 2017 on Wednesday as the producer group’s output declines from a record high

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