The International Energy Agency's disclosure that global supplies are sufficient and inventories in North America are strong prompted the price of crude oil futures to fluctuate, Bloomberg reports.
Countries hosting the most developed economies also hold "relatively comfortable" supplies though that amount reduced 8.3 million barrels of crude to 2.74 billion barrels, according to IEA of Paris, which also increased forecasts for world oil demand for a fourth month.
"We're well supplied presently," John Kilduff, a partner at Again Capital in New York, told Bloomberg. "The state of global inventories and the days of cover should be taking some of the fluff out of the market."
March-delivery Brent crude oil futures settled with a 0.73 cent dip, a 0.8 percent decrease to $96.70 per barrel in London. Just before noon, March-delivery crude was up .56 percent to $97.98 per barrel, according to ICE.
The French agency also stated the global consumption of oil will increase by 1.4 million barrels per day this year, notching 89.1 million barrels per day. The driver of that increase is the economic recovery gaining momentum.
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