''The price of oil was down Tuesday, with the Brent benchmark down 71 cents at $49.64 a barrel. When that oil starts returning to market, it will boost supply. Inventories are also high globally after three years of overproduction.The IEA says "this is likely to dampen prospects of a significant increase in oil prices. PARIS: The International Energy Agency says that the global oil market is stabilizing after years of turbulence, but that significant further price gains are unlikely.In its monthly report Tuesday, the Paris-based agency nudged up its estimate for global oil demand this year to 96.1 million barrels a day, up 0.1 million barrels from the previous prediction.It notes that there are large volumes of production that are affected by shutdowns, particularly in Nigeria and Libya .

Source: Economic Times June 14, 2016 09:11 UTC