- The surplus of supply over demand at the start of the year is "even greater" than initially expected, the International Energy Agency said in its latest monthly report.
- "With the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term."
- Supply may exceed consumption by an average of 1.75M bpd in the first half of 2016, compared with an estimate of 1.5M last month, and the excess could swell if OPEC members bolster production.
- Crude futures +2.2% to $30.34/bbl.
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