| Oil prices have continued to languish below $50 per barrel as a glut of crude oil and gasoline persist even as global demand continues to rise. The IEA still predicts that oil consumption will expand by another 1.4 million barrels per day in 2016, while production stagnates.
That dynamic suggests that the market is converging towards some sort of balance, although the speed with which that takes place is hotly debated. But in the short-term the record levels of crude oil and refined products sitting in storage have prevented oil prices from rebounding...............................................Full Article: Source
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