PARIS, France (AFP) – by Kate Millar A global oil glut that has sent prices tumbling is set to “shrink dramatically” later this year, as wildfires have disrupted Canada’s output and demand in India soars, the International Energy Agency (IEA) said Thursday. Demand for oil worldwide is set to grow at a “solid” rate in 2016, with India the “star performer” after making up nearly 30 percent of the global increase in demand in the […]
Tag: IEA
US crude rebounds in Asia but supply glut worries weigh
SINGAPORE, Singapore (AFP) — Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day’s plunge but analysts warned any gains would be limited as the global glut that has hammered markets showed no sign of letting up. Investors are also nervously awaiting the release later in the day of a report on US stockpiles that is forecast to show a further increase in inventories. At around 0300 GMT, US benchmark West Texas Intermediate (WTI) […]
