Oversupply called into question

SENIOR analysts from Sprott Global and Tudor, Pickering, Holt & Co aren't buying the hype that the oil market is oversupplied, suggesting the oil price is contorted and that some of the International Energy Agency's own figures overstated reality.

Their analysis came last week as Moody's cut its 2016 oil price forecasts sharply amid a threat of a prolonged oversupply, as continued high levels of production have "significantly exceeded" growth