There was a report in the FT today, with more ‘bad news’ being slowly leaked out by the IEA.

“Structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture over the medium-term,” the IEA said in its Medium-Term Oil Market Report, released on Tuesday in Madrid.

“Poor supply-side performance since 2004, in the face of strong demand pressures from developing countries, has forced oil prices up sharply to curb demand,” the watchdog added.

Crude oil prices surged on Wednesday more than $2.50 to $142.73 a barrel, but still below Monday’s record high of $143.67 a barrel. The report also said that current oil prices were “justified by fundamentals.”

You can also read what The Energy Bulletin say about that report in the FT.