Oil Prices Could Take 5 Years to Recover, International Energy Agency
Oil prices could take 5 years to recover. The International Energy Agency says it will take till 2020 for crude oil prices to get to around $80 a barrel. Thereafter, the agency expects only tepid demand growth for another 20 years, as alternative sources, especially renewable, expand their share in the energy mix. Apple (AAPL) CEO Tim Cook is touring Europe and asking why anyone would buy a PC anymore. Cook is in Britain as Apple launches its super-sized iPad Pros at its flagship store in London. Cook added that the iPad Pro will be a replacement for a notebook or desktop for many people. Valeant (VRX) will hold another conference call today after the first one was criticized by hedge fund manager Bill Ackman for being too scripted. The call today will provide an overview of current plans and priorities and an update on the company's operations. Wholesale Inventories for September are released. API Weekly oil inventories are reported. Federal Reserve Official Charles Evans speaks in Chicago.
