IEA raises 2017 global oil demand growth forecast

International Energy Agency (IEA) is out with its monthly forecast report and has raised 2017 global oil demand growth forecast by 0.1m bpd to 1.4m bpd.

Additional headlines:

   •   OPEC production fell by 1m bpd in Jan leading to initial compliance of 90% of output cut deal
   •   non-OPEC output will grow by 0.4m bpd in 2017 due to US, Canada, Brazil
   •   OECD total oil stocks fell nearly 800k bpd in Q4 2016, largest fall in 3 years

Immediately after the news flash, WTI crude oil surged to fresh session peak near mid-$53.00s.