IEA's Birol: Saudi Arabia still has room to increase oil output

Fatih Birol, the head of the International Energy Agency, recently crossed the wires saying that Saudi Arabia still had room to increase its oil output. "IEA still anticipates robust oil growth, tighter supply," Birol further added.

As of writing, the barrel of West Texas Intermediate was trading at $67.50, losing 0.55% on the day.