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IEA: Oil Market is close to balance

Oil prices recently losses and slightly rose on Thursday after the International energy agency said that the oil market is close to a balance after years of oversupply.

Crude oil for May delivery traded 1 cent higher at $53.12 per barrel, after the amount of the previous day $52,82. Brent for June increased by 5 cents to $55.91 per barrel, recovering from an intraday low of $55.61.

Both brands kicked off on Thursday and it is not so good after U.S. data on Wednesday that showed a sharp jump in production to its highest level in more than a year last week.

Deliveries have increased for eight consecutive weeks. The Energy Information Administration's report also confirmed oil prices decline on Wednesday, breaking a six-day series of victories caused by expectations of major oil producers will agree to extend the reduction in primary production during the second half of 2017 year.

Thus, the market sentiment brightened on Thursday morning when the International energy agency in its monthly report said that world oil supply fell in March.

"The market is already quite close to the long-awaited balance," said the agency in its report.

It should be noted that the IEA findings found an echo in the OPEC monthly report published on Wednesday.

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