IEA suggests need for policy intervention in energy use

A robust policy intervention on energy use could reduce the risk of the global economic recovery collapsing given the critically low global oil stockpiles, according to the International Energy Agency. The picture for the oil markets has rarely been more ambiguous. The macroeconomic outlook is deteriorating, and there are persistent supply-side uncertainties, which are dragging on market confidence. Since early June, benchmark crude futures have lost more than $20/bbl, and as of this writing, they are trading below $100/bbl.