IEA raises 2016 global oil demand growth forecast in May

The Paris-based International Energy Agency (IEA) raised 2016 global demand outlook in its closely watched monthly oil-market report.

Key findings from the report:

IEA raises 2016 global oil demand growth forecast to 1.3 mln bpd from 1.2 mln bpd in May

2017 global Crude Oil demand growth to reach 1.3 mln bpd, demand to reach 97.4 mln bpd

Oil market "looks to be balancing" in 2016, but sees inventory build in first half of 2017

Non-OPEC Oil supply at 57 mln bpd in 2017 vs. 56.8 mln bpd in 2016, mainly from Canada, Brazil

The outages in OPEC and non-OPEC countries cut global oil supply by nearly 800,000 barrels a day in May, the first significant drop since early 2013