NEW YORK: The International Energy Agency (IEA) has issued a report in which it is told that the crude oil prices will be stabilized by the second quarter (2Q) of the year. Following the release of the report, Brent Crude Oil front month futures appreciated around 2.6% to $449.52 per barrel.
The IEA report said that the latest prediction was based on the speculation that non-OPEC member countries will be increasing their production rate during 2015; however, the growth rate will not be as high as anticipated earlier. The slower-than-expected growth in production rates could very well support the falling prices of the liquid fuel.
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