Oil prices end below US$60 in previous week

Concerns over the retarded pace of the economic recovery have pulled down oil prices below US$60 at the end of the previous week. Increasing unemployment amid the global recession is expected to constrain demand, as stocks in USA remain abundant. Market players focused on recent signs of economic weakness despite an expected rebound in global oil demand as per a forecast by the International Energy Agency - global demand is expected to increase in 2010 by by 1.4 million bpd to 85.2 mln barrels, while it is expected to decrease 2.9% or 2.5 mln bpd in 2009. The rebound would be driven by economic recovery in developing countries, where demand is expected to increase by 3.5% (1.3 mln bpd) in 2010, and by a modest increase in demand from OECD countries for transportation and winter fuel.
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