The oil crash is not over, says International Energy Agency
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REUTERS/Jose Miguel Gomez
An employee of the Canadian Pacific Rubiales Petroleum Company stands next to oil excavation pipes at Campo Rubiales field in Meta, eastern Colombia.
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The International Energy Agency, a watchdog that represents the world's main oil-importing nations, says in a monthly report that the recent stabilization in oil prices is "precarious."
"Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course," it said in the report, published Friday.
The price of oil fell on Friday in the wake of the report. The U.S. contract was down $1.02 at $46.02.
The contract slumped from over $100 a barrel last summer to around $47 in January before stabilizing around $50 a barrel in recent weeks.
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