Oil market has found a balance - Venezuela Oil Minister

Venezuela’s oil minister Eulogio Del Pino, while speaking in Santa Cruz, Bolivia, at the Gas Exporting Countries Forum that the oil market has finally found the balance, as inventories are declining.

However, the rising US output is still a threat. The Baker Hughes data released yesterday showed the number of oil and gas rigs in the United States rose again this week, taking the total gained in November to 10; the first monthly gain since July.