IEA Expects Oil Price Recovery in 2017

In a report, the IEA said it expects prices to start recovering in 2017.The International Energy Agency (IEA)  forecasts a price increase  by 2021.But it forecasts that will be followed by a sharp jump in price as supply shrinks following under-investment by struggling producers.

Brent crude touched a 13-year low of $28.88 a barrel in January.It has since recovered somewhat, but is still far below a high of $115 in June 2014.

On Monday the price was up around 4.9% at $34.62.