February 2016, Vol. 243, No. 2

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High Supplies Seen Capping Oil Price Until Early 2017

PARIS (AP) — A glut of oil will keep prices from rebounding until next year, much later than previously forecast, experts at the International Energy Agency said Monday. A year ago, the IEA, a Paris-based organization of 29 major oil importing nations, had forecast a “relatively swift” recovery. Instead, oil prices have continued to fall, reaching a level below $30 a barrel last seen in 2003, the IEA says in its latest report Monday. IEA chief Fatih Birol blamed “extraordinary volatility” in oil markets that has made forecasting “more difficult than ever” for its changed outlook. “Our analysis of the oil market fundamentals at the start of 2016

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