Huge stocks overhang threatens oil price recovery: IEA | Reuters:
"The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-OPEC production, the International Energy Agency said on Wednesday.
The IEA, which coordinates the energy policies of industrial nations, said it had revised up its forecasts of 2016 and 2017 global oil demand growth by 0.1 million barrels per day from last month to 1.4 million and 1.3 million bpd respectively.
It said demand was growing thanks to good consumption in India, China and, surprisingly, Europe."
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