Oil prices stabilising on higher demand: International Energy Agency

Higher-than-forecast demand should bolster oil prices throughout 2016, despite high stocks continuing to exert downward pressure on prices, the IEA said Wednesday. Global demand for oil will grow by 1.4 million barrels per day (bpd) this year to 96.1 million bpd, the International Energy Agency (IEA) said in its monthly oil market report, revising up last month's forecasts of a 1.3 million bpd rise. The IEA noted crude prices had edged off an early June peak above $52 dollars per barrel to trade in a $45-$50 range -- a stark contrast to the nearly daily price falls earlier this year.