The International Energy Agency expects the pressure on global oil markets to ease in spite of rising geopolitical tensions because of surging supply from Iraq and other producers. “While international tensions may be on the rise, the pressure on oil markets . . . seems set to ease”, the Paris-based group said in its widely followed monthly report, noting the extreme cold weather that had dug into US oil stocks in January had abated. US oil prices rose above $100 for the first time in five months in February because of exceptionally cold weather in the US and robust refining demand. Brent, the international marker, also rose, supported by fresh supply outages in Libya and the tensions in the Ukraine. However, in recent weeks prices have eased back. Nymex April West Texas Intermediate is currently trading at $98.36 a barrel, while ICE Brent April is at $107.44. The IEA, which advises Western governments […]