Oil prices trading lower as IEA predicts oversupply to 2015

Oil prices are trading lower on Thursday as the IEA predicts that world crude oil markets are set to remain oversupplied until 2015, the IEA stated in its annual medium term outlook report “comfortable spare capacity” for oil commodities. The overall tone of the report contrasted with earlier years, when the western countries’ energy watchdog had warned about potential shortages. Nonetheless, it said: “We should not be complacent. Developing new supplies of oil and gas is in general a long term undertaking.” In oil, the IEA revised upwards its forecast for rises in global crude consumption to 1.2m barrels a day per year, taking it by 2015 to a total of 91.9m b/d. But it also marked up its projection of global supplies in five years’ time to 96.5m b/d, leaving an ample cushion of spare capacity. “Higher oil prices, lower costs and fledgling signs of increased upstream spending have eased some of last year’s concerns about medium term oil supply prospects,” the IEA said. Brent oil prices trading near $80 as stock markets jump Oil prices trading higher helped by Asian stock markets Brent oil price trading at $71 amid European debt issues Oil prices trading at $70 mark amid stock market falls Brent oil trading lower on continued euro debt concerns Oil prices trading at $71 mark, following stock markets Brent oil trading at $71 as commodities & markets wacked Oil prices trading near $70 as global stock markets slump Oil prices again being lead by dollar and euro swings Oil prices trading near $85, global stock markets higher US Light oil trading higher, near $82 on Goldman, markets Oil prices trading up 3 percent on a falling US dollar Crude oil prices gain as traders eye global stock markets Daily crude oil trading report from ODL Markets Oil prices trading negative on profit taking, stock markets Daily crude oil trading report from ODL Markets Daily crude oil trading report from ODL Markets Daily crude oil trading report from ODL Markets Daily oil trading report from ODL Markets Daily oil trading report from ODL Markets

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Oil prices trading lower as IEA predicts oversupply to 2015