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Crude Oil Plunges After IEA Note

Crude oil futures tumbled Tuesday after a bearish note from the world's energy watchdog.

The International Energy Agency said that warmer weather around the world will hurt demand in the next few months.

Still, the era of oil is not over in the long-term, the IEA said. The agency sees U.S. energy production surging in the next ten years.

"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed," the IEA said on Tuesday.

WTI light sweet crude oil was down $1.05 at $55.71 a barrel, dropping sharply from 2-year highs seen early in November.

by RTT Staff Writer

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