IEA: Oil market now better supplied

Market fundamentals have eased since the start of 2012, and economic concerns have risen again with risks skewed to the downside, the International Energy Agency said in its latest monthly Oil Market Report. The Paris-based agency estimates that crude oil output from the Organization of Petroleum Exporting Countries averaged 31.9 million b/d during May, up by 1.4 million b/d from its December 2011 output. With oil prices down about $25/bbl from their March highs, some of the bullish market sentiment from the past 18 months has dissipated, as uncertainties surrounding the health of economies in the Eurozone and China have risen in prominence again, IEA said. The market now may be character...

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