Oil Prices Might Have Formed a Bottom

Crude oil prices moved through resistance levels on Friday following a report from the International Energy Agency that said that prices may have “bottomed out”. The energy body still said, however, that it will take until 2017 for demand and supply to find better equilibrium, and that any potential agreement among oil producers to freeze supplies was unlikely to impact until the second half of 2016. On the demand side, the IEA…