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Oil prices shed earlier losses and moved slightly higher on Thursday after an energy watchdog said the market is "very close" to a balance after years of oversupply. Oil prices also found support from a weaker dollar. However, sentiment brightened on Thursday morning when the International Energy Agency in its monthly report said global oil supply fell in March. "It can be argued confidently that the market is already very close to balance, and as more data becomes available this will become clearer. The Energy Information Administration's report also sent oil prices lower on Wednesday, breaking a six-day winning streak spurred by expectations major oil producers will agree to extend their output cuts into the second half of the year.
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The oil market is "slowly but surely" reaching a balance as a result of the success of the OPEC production deal, the head of the oil industry and markets division at the International Energy Agency (IEA), told CNBC on Thursday. The IEA forecast global demand growth of 1.3 million b/d (barrels per day) after a weaker-than-expected thirst for oil from investors in the first three months of the year. "We're seeing demand growing fairly steadily in the oil market and we think that the balance is coming together slowly but surely and the numbers are there to support it," Neil Atkinson said shortly after the IEA published its monthly oil report. According to the IEA's monthly report, global demand growth is poised to fall for a second consecutive year as a result of subdued gains, most notably in Russia and India. Oil producers were said to have scored "fairly well" since OPEC and non-OPEC countries implemented a landmark deal to curb global oversupply at the start of the year.
ReutersUPDATE 4-Oil rises after IEA finds market is nearing balance* Global oil market close to balance - IEA * Weekly data shows U.S. production still rising * IEA trims 2017 oil demand growth forecast by 40,000 bpd (Adds details, updates prices) By Karolin SchapsLONDON, April 13 (Reuters) - Oil prices edged higher on Thursday after the International Energy Agency (IEA) said the market was nearing balance, while U.S. data showing higher production kept gains in check. The Paris-based IEA said on Thursday that it sees the global oil market as close to balancing after a fall in stockpiles in developed countries in March. (Additional reporting by Naveen Thukral in Singapore; Editing by Dale Hudson and Toby Davis) ((karolin.schaps@thomsonreuters.com)(+44)(0)(207 542 6622)(Reuters Messaging: karolin.schaps.reuters.com@reuters.net)) Keywords: GLOBAL OIL/ (UPDATE 4) Latest OPEC data showed members had cut March output beyond what they had promised. [nL5N1GU2QU] Capping gains on Thursday was fresh data showing U.S. production continued to climb, potentially undermining the OPEC-led supply cut.
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Oil prices shed earlier losses and moved slightly higher on Thursday after an energy watchdog said the market is "very close" to a balance after years of oversupply. Oil prices also found support from a weaker dollar. However, sentiment brightened on Thursday morning when the International Energy Agency in its monthly report said global oil supply fell in March. "It can be argued confidently that the market is already very close to balance, and as more data becomes available this will become clearer. The Energy Information Administration's report also sent oil prices lower on Wednesday, breaking a six-day winning streak spurred by expectations major oil producers will agree to extend their output cuts into the second half of the year.
As it stated in
Oil market is now 'very close' to reaching a balance, IEA says
The oil market is "slowly but surely" reaching a balance as a result of the success of the OPEC production deal, the head of the oil industry and markets division at the International Energy Agency (IEA), told CNBC on Thursday. The IEA forecast global demand growth of 1.3 million b/d (barrels per day) after a weaker-than-expected thirst for oil from investors in the first three months of the year. "We're seeing demand growing fairly steadily in the oil market and we think that the balance is coming together slowly but surely and the numbers are there to support it," Neil Atkinson said shortly after the IEA published its monthly oil report. According to the IEA's monthly report, global demand growth is poised to fall for a second consecutive year as a result of subdued gains, most notably in Russia and India. Oil producers were said to have scored "fairly well" since OPEC and non-OPEC countries implemented a landmark deal to curb global oversupply at the start of the year.
ReutersUPDATE 4-Oil rises after IEA finds market is nearing balance* Global oil market close to balance - IEA * Weekly data shows U.S. production still rising * IEA trims 2017 oil demand growth forecast by 40,000 bpd (Adds details, updates prices) By Karolin SchapsLONDON, April 13 (Reuters) - Oil prices edged higher on Thursday after the International Energy Agency (IEA) said the market was nearing balance, while U.S. data showing higher production kept gains in check. The Paris-based IEA said on Thursday that it sees the global oil market as close to balancing after a fall in stockpiles in developed countries in March. (Additional reporting by Naveen Thukral in Singapore; Editing by Dale Hudson and Toby Davis) ((karolin.schaps@thomsonreuters.com)(+44)(0)(207 542 6622)(Reuters Messaging: karolin.schaps.reuters.com@reuters.net)) Keywords: GLOBAL OIL/ (UPDATE 4) Latest OPEC data showed members had cut March output beyond what they had promised. [nL5N1GU2QU] Capping gains on Thursday was fresh data showing U.S. production continued to climb, potentially undermining the OPEC-led supply cut.
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