The
oil
market
is
looking
increasingly
well
supplied
as
Middle
East
output
rises
and
fuel
demand
across
the
industrialised
and
developing
economies
is
weaker
than
expected.
The
International
Energy
Agency,
which
advises
28
industrialised
nations
on
energy
policy,
said
in
its
monthly
report
the
oil
market
could
be
turning
the
corner
after
more
than
two
years
of
tightening
as
global
oil
inventories
rose.
"The
cycle
of
repeatedly
tightening
fundamentals
since
2009
has
been
broken
for
now,"
the
IEA
report
said.
ICE
Brent
futures
fell
53
cents
to
$119.65
a
barrel
by
1240
GMT,
after
touching
a
low
of
$119.51
earlier…
Depressed Brent dips under $120