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IEA: Slow Demand, Rising Supply Put More Pressure on Oil

Oil prices are likely to come under further downward pressure, the International Energy Agency said Friday, as it cut its outlook for demand growth in 2015 and predicted healthy non-OPEC supply gains would aggravate a global oil glut. Oil prices have fallen by 45 percent since June, with the sell-off gaining pace after OPEC decided last month to keep its output target unchanged. The IEA said that if OPEC maintained production levels, the global oversupply would reach 2 million barrels...

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