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Demand is rising fast, but prices won’t follow just yet

The International Energy Agency’s (IEA) latest oil-market report suggests the fundamentals are turning, led by demand

Oil consumers are responding to low oil prices the way economists say they ought to -- and it might mean the market has found its bottom. The International Energy Agency’s (IEA) latest oil-market report suggests the fundamentals are turning, led by demand. It will rise this year by 1.6m barrels/day, to 94.2m, a sharp upwards revision from last month’s report of 300,000 b/d. Consumption will grow in 2015 by more than twice the pace of 2014. The new numbers reflect more health in the global economy, but also the response of consumers to low prices, thinks the IEA. In the US, gasoline demand is near a record high. Chinese, Brazilian and even Russian demand estimates have been adjusted up. Pr

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