A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound, the International Energy Agency said on Thursday. The IEA, in its monthly report, forecast a healthy draw in global oil stocks in the next few months that would help ease a glut that has persisted since 2014 on the back of rising OPEC and non-OPEC supply. Oversupply helped send oil prices from $115 a barrel in June 2014 to as low as $27 in January this year. Crude later recovered to around $50 but fell again towards $40 in July. “Oil’s drop … has put the “glut” back into the headlines even though our balances show essentially no oversupply during the second half of the […]