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Oil rally may ease as supply catches up to demand

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Yahoo Finance's Ines Ferre reports on the outlook for the oil market as supply inches closer to demand.

Video Transcript

KARINA MITCHELL: And welcome back. Well, oil's been trading in a tight band lately, with IEA saying that supply is catching up with demand. And a cost reprieve could be in sight. Here with more on all of that and energy, how it did today, is Yahoo Finance's Ines Ferre.

INES FERRE: And taking a look at WTI December futures, those settled at $80.76 a barrel. Take a look at the trading session, though. It was quite choppy today. There was a Senate hearing on energy prices. Stephen Nally, the acting head of the EIA, the Energy Information Administration, basically said that the impact of releasing oil from the country's oil reserves would be temporarily, that this would bring down oil by about $2 a barrel. President Biden, we know, has been receiving pressure from Senator Schumer and other lawmakers to release some of that oil reserve in order to kind of put the brakes on gas prices.

Oil, as you mentioned, if we take a look at a one-month chart, has been trading a bit sideways. The IEA, the International Energy Agency, basically has said that the oil rally that we've been seeing, it may ease off a little bit as supply starts inching higher towards demand, particularly in the US, where we've seen more rigs going online. The IEA is expecting the average Brent price to be at $71.58 for 2021 and $79.40 in 2022. Karina, Alexis.

KARINA MITCHELL: All right, Ines Ferre, thank you so much for that report.