Mubasher: The International Energy Agency (IEA) stated that the oil market is on its way to regain balance between supply and demand during 2017.
The IEA predicted that demand growth will keep declining for the second year in a row, according to a report issued by the agency on Tuesday.
Even if the Organization of Petroleum Exporting Countries (OPEC) decided to extend production cuts in May, there will be still more work to be done in the second half of 2017, in order to drain oil inventories, the IEA stated.
The agency set its global growth forecast for oil demand at 1.3 million barrel in 2017, adding that growth was weaker than expected in the first quarter of the year.
By 11:45 am GMT, the price of Brent crude futures rose 0.42% to $52.04 per barrel (pb).
The price of NYMEX crude futures went up by 0.41% to $49.05 pb.
