Oil supply glut to prevent any significant short-term price rise: IEA

PARIS: A significant rebound in oil prices is unlikely as the global market remains plagued by a supply glut, the International Energy Agency said Tuesday.

“…It is very hard to see how oil prices can rise significantly in the short term … with the market already awash in oil…” On the contrary, it said “…the short term risk to the downside has increased.”

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