The rebalancing of the global oil market may still be in its early stage with the outlook “only getting murkier”, according to the International Energy Agency , as uncertainties remain about demand and supply responses to the steep drop in prices. “The backdrop against which the adjustment is playing out is constantly changing,” said the wealthy nations’ energy watchdog in its monthly report. “Given deep changes in supply and demand in recent years, the way lower prices impact the market is also different from previous price corrections,” it added. Pockets of strength in oil demand have unexpectedly emerged of late as colder temperatures in the first quarter coincided with stronger economic growth across many OECD economies, the IEA said. Asian demand led by India, China and South Korea also grew, while Russia surpassed expectations. Demand growth rose by 1.3m barrels a day in the first quarter of 2015 compared […]