Oil market may turn corner: IEA

LONDON - Reuters

Brent oil slipped below $120 per barrel yesterday on higher production. REUTERS photo

Brent crude oil slipped below $120 per barrel yesterday, depressed by news of higher OPEC production and lower estimates of global oil demand. But the oil market is looking increasingly well supplied as Middle East output rises and fuel demand across the industrialized and developing economies is weaker than expected.

The International Energy Agency, which advises 28 industrialized nations on energy policy, said in its monthly report the oil market could be turning the corner after more than two years of tightening as global oil inventories rose.