WTI oil trading near $94, IEA bullish on future crude prices

WTI crude oil futures open today’s trading session hovering near $94 a barrel as prices stabilise following Tuesday’s sell off, while the IEA raises it’s long term price forecast on supply concerns.

Latest WTI Oil Price

US Light crude oil futures for July 2011 delivery was trading at $94.20 a barrel, 07.40 GMT this morning in electronic trading on the NYMEX.

IEA Oil Price Forecast

The IEA (International Energy Agency) on Thursday raised its 2015 oil forecast and boosted its five year oil price forecast by $19 a barrel, saying that oil demand will rise more than previously expected and the market will continue to suffer from a lack of oil supply flexibility.

The agency also said there is a clear need for additional oil from OPEC member countries, which failed to reach a consensus last week on higher oil production quotas.

The IEA believe that without higher OPEC output, the oil market will suffer from lack of supply, resulting in overheating prices and damage to the global economy, the IEA said.

But in the short term, oil prices remain volatile to recent stock market falls and a stronger US dollar, which is benefiting from the latest euro debt concerns surrounding Greece.

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WTI oil trading near $94, IEA bullish on future crude prices