Oil set for moderate recovery

Source: CNBC
© Scanpix/Reuters
According to the latest IEA report, oil markets are slowly rebalancing and crude prices are recovering. The Agency forecast the oil prices to be in the $80 per barrel range by 2020, with further price increases thereafter. The IEA stated that demand would gradually rise to 2020, adding on average about 900,000 barrels per day on year and moderately increasing to a demand of 103.5 million barrels a day by 2040. 
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