Oil to remain at $55 in 2015: IEA
The International Energy Agency (IEA) Tuesday said it predicts the price of Brent oil to remain at an average of $55 a barrel throughout 2015.
The IEA, in a report titled “Medium-Term Oil Market Report”, said Brent would only climb to $60 in 2016, adding that the benchmark is not expected to surge anywhere above $73 before 2020.
The report emphasised that rapid slide in oil prices over the last nine months would not last much longer. However, it added that the rebound would be limited and would not feature prices at the heights of the last three years.