The Oil Market Has Finally Turned A Corner, IEA Says

The "direction of travel of the oil market" is now "towards balance," the IEA said in its monthly report released Thursday. Changes to its previous estimates regarding supply and demand data prompted the agency to arrive at this conclusion.

The following are the key takeaways from the monthly report:

The IEA said it expects global oil stocks to increase by 1.3 M/bpd in 1H16 followed by a "dramatic reduction" in 2H16 to 0.2 M/bpd.OECD stocks grew in 1Q16 at the slowest pace since 4Q14 and in February they declined for the first time in a year. The IEA says this supports its view that the global supply surplus of oil will shrink dramatically later this year.

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