Mubasher: Global oil markets are heading towards an equilibrium amid falling oil supplies and surplus in the second half of the year, said the International Energy Agency (IEA) on Thursday.
Demand is strong, while oil surplus was likely to fall back later in the year, the IEA, said, adding that global supply was beginning “to look more measured”.
"Global oil supplies rose 250,000 barrels a day in April to 96.2 million barrels a day (mb/d) as higher OPEC output more than offset deepening non-OPEC declines," the IEA said in its monthly report.
The international agency kept its estimates for oil demand at 1.2 mb/d in 2016.
Brent crude for July delivery was up 0.57% to $47.87 per barrel at 10:40am GMT, while US crude increased 0.74% to $46.57 per barrel.
