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Oil near year's highs as IEA expects market to rebalance

Published 21/04/2016, 13:51
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Investing.com.- Crude prices rose on Thursday, reversing earlier declines, as the International Energy Agency said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply.

Brent crude futures remained stable at $45.81 a barrel by 09:11GMT down 1 cent from their last close.

U.S. crude futures dipped to $43.62 before rising to $44.20 a barrel, up 2 cents from their last close.

Both crude prices have now gained 70% in value since their lows reached between January and February.

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