FT.com
The tide has turned on global oil markets, with the tightness seen over the past two years finally beginning to ease, the International Energy Agency said in its closely watched monthly oil market report on Thursday.
But “ongoing geopolitical uncertainties”, particularly over Iran’s nuclear programme, meant that for now the market easing was not translating into significantly lower oil prices, the IEA said.
The Paris-based oil watchdog, which advises the industrialised countries on energy policy, said that first-quarter supply and demand fundamentals “show a clear shift from the seemingly relentless tightening evident over the prior ten quarters”.
http://link.ft.com/r/3JFELL/WTDCLO/JIPUIZ/ORGFJV/R34364/UP/h?a1=2012&a2=4&a3=12
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