Oil’s Oversupply Spiral: Can Prices Stay Above $60?

The International Energy Agency just threw a bucket of ice water on oil bulls, reporting that crude supply is outpacing demand by 600,000 bpd and slashing its demand outlook for the year. And the IEA isn’t alone. The world’s biggest oil traders are also sounding the alarm, turning bearish as overproduction ramps up both inside and outside OPEC. “The industry is over-drilling now, that is clear,” Gunvor’s chairman Torbjörn Törnqvist told Bloomberg in an interview on the sidelines of CERAWeek. “We are…