Oil prices may have further to fall and a rebound could take some time, despite increasing signs that the downtrend will end, possibly in the second half of this year as North American supply growth slows, the West's energy watchdog said.
Brent crude oil rose more than $2 to around $50 a barrel after the West's energy watchdog forecast the market sell-off would end, although analysts said a strong rebound soon was unlikely as global output continued to outweigh demand.
Oil prices are likely to come under further downward pressure, the International Energy Agency said, as it cut its outlook for demand growth in 2015 and predicted healthy non-Opec supply gains would aggravate a g
The oil market has entered a new era with lower Chinese economic growth and booming US shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday.
The International Energy Agency (IEA
Brent crude fell almost three per cent to a fresh low near $86 a barrel on Tuesday, trading at its weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.
The global oil b
Demand for oil in 2015 will grow far slower than previously forecast as global economies remain weak, the International Energy Agency (IEA) said, and prices may extend their sharp fall so long as Opec shows no sign of countering a supply surge
Nearly 3 per cent of global oil production is vulnerable to cuts if prices fall to $80 per barrel, making some projects in Canada, Angola, Brazil and Norway unprofitable, the International Energy Agency (IEA) said.
Brent crude fell below $88 a barrel on Tuesday, returning to a nearly four-year low hit the day before, after the world's energy watchdog cut its estimates for oil demand this year and next.
The global oil benchmark has droppe
The vast majority of shale oil in the US is produced at costs far below the current price of crude, the head of the west's energy watchdog said, which means US projects can withstand the market slump squeezing other producers.
A substantial increase in Iranian oil storage capacity will give the sanctions-hit country more flexibility to export crude, the International Energy Agency (IEA) said.
The US and the European Union have impose