Oil Peeks Above $57 a Barrel Amid Conflicting Signals on Glut

International Energy Agency sees some supplies swelling in ’18
Advisory group also confident OPEC-led cuts will see success

Oil pipes connect the Monte Toledo oil tanker to an offshore pumping station as it delivers a shipment of Iranian oil to the Cia. Espanola de Petroleos SA (CEPSA) refinery near Algeciras, a few miles from Gibraltar, on Sunday, March 6, 2016. The tanker became the first to deliver Iranian crude into Europe since mid-2012, when Brussels imposed an oil embargo in an attempt to force the Middle Eastern nation to negotiate the end of its nuclear program.Photographer: Luke MacGregor

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By Jessica Summers

December 13, 2017 at 6:52 PM EST

Updated on

December 14, 2017 at 3:18 PM EST

This article is for subscribers only.

Crude rose after one of the most-influential voices in world oil markets issued mixed signals about the direction of supply and demand.

Futures closed 0.8 percent higher in New York. The International Energy Agency increased its forecast for 2018 production by nations outside the OPEC cartel even as it expressed confidence the Saudi Arabia-led group will significantly curb a global oversupply. Traders were also confronted with swelling U.S. gasoline stockpiles amid a four-week slide in American crude inventories.

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