IEA sees oil bulls still running

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FE Team | Published: May 13, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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PARIS, May 12 (AFP): Bulls in the oil market still have room to run around a price of $110 per barrel but growth of global oil demand is set to ease, the International Energy Agency (IEA) said Thursday, tipping the see-saw price down again. The new estimates were based on assumptions that growth of the global economy would slow from 4.8 per cent last year to 4.3 per cent this year. This was "with the pace of slow-down being greatest for the OECD (Organisation for Economic Cooperation and Development area)." The IEA, the energy monitoring and strategy arm of the OECD, said: "Our crude price assumption is near $110." It said that the International Monetary Fund "and others" did not see this as "so high as to choke off economic recovery... just yet."