| The era of cheap oil may soon come to an end, if the prediction of the International Energy Agency, IEA, is anything to go by. The IEA said that there will be rise in oil price due mainly to unplanned outages and disruptions in places like Canada, Nigeria, and Libya.
According to the Agency, it is expected that the oil market will be balanced for the rest of the year, meaning the world will pump roughly as much oil as it consumes. That should nudge prices higher. Oil is currently trading around $50 a barrel, double the nadir reached earlier this year...............................................Full Article: Source
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