| Two influential think tanks on Wednesday raised worries about the pace of recovery in the world oil market. The International Energy Agency, the oil-consuming countries’ main energy watchdog, warned in its monthly oil market report on Wednesday that despite continued signs that the market is more balanced, the huge supply overhang built up over recent years still weighs on oil prices.
“Although market balance is upon us, the existence of very high oil stocks is a threat to the recent stability of oil prices," the IEA report said. “There are signs that [demand] momentum is easing," especially in the US and China, while Europe’s surprisingly robust demand “is unlikely to last", it said...............................................Full Article: Source
|