The oil market is "very close to balance", according to the International Energy Agency (IEA), suggesting producers have largely benefited from Opec's decision to cut supply. In its half-time report on the cartel's cuts to production, the agency cited impressive compliance from the cartel's members, unplanned outages and rising political tension as contributors to prices that have largely traded above $50 (£39) a barrel since the beginning of the year.
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