LONDON — The International Energy Agency said on Tuesday that soaring oil prices could soon turn lower as the U.S. leads a rebound in global supply.
Oil prices have soared above $80 a barrel over the last few weeks, hitting their highest level in seven years, as demand outstripped supply. The momentum behind the price rally has even tempted some forecasters to predict a return to $100-a-barrel oil, although not everyone shares this view.
“The world oil market remains tight by all measures, but a reprieve from the price rally could be on the horizon,” the IEA said in its closely watched monthly report.
“Contrary to hopes expressed in Glasgow at COP26 this is not because demand is…