Oil Rises as IEA Ex­pects Non-Opec Out­put to Fall

The Economic Times - - Commodities Plus -

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

Sarah McFar­lane

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