IEA's Birol says oil prices over USD 120/bbl is putting a lot of pressure on many countries

IEA's Birol indicating that oil prices above USD 120/bbl are exerting significant pressure on countries suggests a notable strain on economic conditions and potential inflationary pressures globally. This could lead to increased demand for alternative energy sources and impact central banks' policy decisions, particularly in energy-dependent economies. Traders should monitor how these sentiments influence commodity markets and energy currencies moving forward.