Oil prices are expected to drop in 2014 due to increasing supplies from North America and OPEC nations and sluggish global demand, Reuters has reported. Brent prices will continue to slip in 2015 and 2016, averaging $102 and $99.90, respectively, analysts said. “Crude oil supplies are set to improve significantly as maintenance in Russia and the North Sea oilfields abates, US supply continues to grow and turmoil in the Middle East subsides,” said Chris Tevere, senior strategist at Gain Capital. “We think demand from the OECD could stabilize year-on-year, while growth in non-OECD may disappoint.”
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