Oil Rises as IEA Expects Non-Opec Output to Fall
London: Crude prices firmed on Thursday after the International Energy Agency (IEA) said nonOpec production would fall this year by the most in a generation and help rebalance a market dogged by oversupply.
IEA chief Fatih Birol said low oil prices had cut investment by 40% over the past two years, with sharp falls in the US, Canada, Latin America and Russia. Benchmark Brent crude futures was up 12 cents at $45.92 a barrel by 1204 GMT. US crude futures were 4 cents higher at $44.22. Both have gained about 70% from lows hit between January and February. “It looks very strong at the moment, sentiment is bullish, technicals look fine, so I rather see prices rising further from here,” analyst Carsten Fritsch said. — Reuters