International Energy Agency out with their latest report 19 Jan

  • too early to judge compliance
  • keeps 2017 global oil demand growth f/cast broadly unchanged at +1.3m bpd
  • raises 2016 global demand growth by 110k bpd to +1.5m bpd
  • OPEC crude production fell 320k bpd to 33.09m bpd in Dec
  • raises estimate of 2017 non-Opec supply growth by 175k to 385k bpd
  • keeps estimate of 2017 Opec crude demand unch at 32.9m bpd

Full report here

Oil prices down a tad WTI $52.44 Brent $54.48

USDCAD continues to have a bid under it too at 1.3250