NEW YORK — Oil prices have further to drop with few signs of slowing production in the U.S., according to a global energy agency.
The International Energy Agency, a watchdog group based in Paris that represents the world’s main oil-importing nations, said in its monthly report Friday 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. That may be playing out right now. Oil prices tumbled 10 percent this week, including a 5 percent drop Friday.