IEA January Oil Market Report

Supply and demand pressures were the story in the oil markets last month as economic growth in Asia and supply disruptions in North America have combined to drive marker prices increasingly closer to the $100 per barrel level. After oil traded in the $70 to $80 per barrel band for much of 2010, December saw prices rise for the fourth month on the trot. IEA analysts have cited stronger than expected demand from the OECD, along with the insatiable appetite of the Chinese as the main factors, while a pipeline issue in Alaska and a fire in Canada impacted supply. Additional details may be found on IEA's website here.