WTI stays above $118 as IEA's Birol expresses concerns over oil markets

In his comments on Wednesday, the International Energy Agency’s (IEA) chief Fatih Birol voices concerns about higher prices in general.

Key quotes

"Energy efficiency measures are critical to addressing current global energy crisis."

"If we have a harsh, long winter then we may face energy shortages."

"Governments need to look at ways to reduce energy demand."

Market reaction

WTI is almost unchanged on the day, currently trading at $118.26 on these above comments.