The price of oil is poised for a ‘relatively swift’ recovery following its recent moves to under $50 a barrel. But, it will not come close to returning to the highs of past years, the International Energy Agency predicted on Tuesday. The U.S. benchmark oil contract fell from nearly $110 a barrel last summer to under $45 this year before a recovery to around $53 in recent days. The IEA says the current price recovery is unlike those of the past, because of the sharp increase in production by non-OPEC countries, especially in the U.S., as well as slowing demand in China. The IEA now forecasts global oil demand to reach just over 93 million barrels a day in 2015, that’s down roughly a million barrels from their previous forecast.
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