Oil

Oil: Downward pressure presents buy-on-dip opportunity?
-International Energy Agency (IEA) touted that the worst is over for crude prices
-IEA expects the Apr 17 production freeze talk will do little to help overcome the oil supply glut
-IEA sees the meeting as a mere gesture to instil confidence that there will be stability in oil prices
-IEA predicts oil will find support at mid US$30s to US$40/bbl, and recover further in 2017
-Fed officials' speeches this week sparked a strong rally in USD, which put downward pressure on oil prices