12 April 2013
Oil buoyant thanks to supply risks, says IEA
Prices have fallen, demand growth is sluggish and supply has rebounded in some key producing countries, but it may be too soon to declare a bear market
Oil prices have fallen, demand growth is sluggish and supply has rebounded in some key producing countries, but it may be too soon to declare a bear market as refineries come back online after the spring maintenance season and supply risks loom, the International Energy Agency (IEA) warned. Brent crude prices have fallen nearly 12% from $119 a barrel in early February to around $105/b on 11 April as supply growth has outpaced demand. Global oil demand was weaker than expected in the first quarter of the year, the IEA said in its monthly Oil Market Report. As a result, it cut its forecast for global oil demand in 2013 by 45,000 barrels a day (b/d) to 90.6 million b/d, just 0.9% higher than 20
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