Oil prices

Oil prices may have further to fall and a rebound could take some time, despite increasing signs that the downtrend will end, possibly in the second half of this year as North American supply growth slows, the West’s energy watchdog said.



Oil prices have fallen almost 60 percent over the last six months with both of the world’s crude oil benchmarks now trading below USD 50 a barrel as supplies of high quality, light oil from the United States and Canada have overwhelmed demand at a time of lacklustre global economic growth.



The International Energy Agency (IEA) said in its monthly oil market report that inventories would continue to build throughout the first half of this year, but eventually lower oil prices would begin to curb supply and help boost demand.



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