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Oil 'price rout' not over: IEA

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Oil prices are expected to keep sliding into 2015, held down by weak demand and increased shale production, the IEA said on Friday, as it held its forecasts for consumption growth.

[PARIS] Oil prices are expected to keep sliding into 2015, held down by weak demand and increased shale production, the IEA said on Friday, as it held its forecasts for consumption growth.

The International Energy Agency said while there had been speculation that the high cost of shale extraction "might set a new equilibrium for Brent prices in the US$80 to US$90 range, supply/demand balances suggest that the price rout has yet to run its course."

"Our supply and demand forecasts indicate that barring any new supply disruption, downward price pressures could build further in the first half of 2015," it added.

AFP