Global oil prices may start stabalising

  • According to the International Energy Agency (IEA) there are evidences that oil prices are seeing a stabalising trend and may even begin to rise again. The agency said that the low level of oil output in U.S. and other countries outside Organisation of the Petroleum Exporting Countries is leasing to  reducing the excess supply of oil. The expected increase in the supply of oil from Iran was also not met thereby decreasing the global supply. The oil prices have seen a reduction of 70% since June 2014 falling to $27 earlier this year.