Easing MidEast tension 'pushing down oil price': IEA

A driver fills up his bajaja at a Pertamina fuel station in Jakarta on June 18, 2013A recent plunge in oil prices reflects a perceived easing of Middle East tensions and record non-OPEC supply, but strains in the market could soon reappear, the IEA said on Thursday. Raising slightly its estimate for global consumption of oil this year because of unexpectedly strong European demand, the International Energy Agency said that the oil price fall had been “especially dramatic”. The IEA said in its monthly review of the oil market: “Oil prices have staged a spectacular reversal since their summer rally.” In Singapore early on Thursday, the benchmark price of West Texas Intermediate oil edged up by 11 cents to $93.99 dollars per barrel.

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