International energy watchdog says availability of crude is growing while demand is slowing – meaning prices have not yet bottomed out
Oil prices have not reached rock bottom and could continue falling well into next year, according to the west’s energy watchdog.
The International Energy Agency (IEA) said there was a growing glut of crude on world markets, while it expected demand to slow next year. “The bottom of the market may still be ahead,” the IEA said in its monthly report.