The International Energy Agency (IEA) said in its report on Friday that oil prices will fall further due to a massive oversupply. Global oil supply climbed by 550,000 barrels a day in June to 96.6 million barrels a day, up 3.1 million barrels a day in June last year.
The IEA expects the global oil demand to slow down in 2016.
The agency forecasts the global oil demand in 2016 to decline to 1.2 million barrels per day from an average 1.4 million this year.
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