The IEA, in its monthly market report, noted a recent fall in prices from January levels but added: "A look at fundamentals suggests that while there may be some justification for a moderation in prices, the road ahead is far from smooth."

It said crude futures in New York lost an average of US$3,61 per barrel in February to reach an average of US$61,93.

The agency issued a downward revision to its estimate of global oil demand growth this year, foreseeing an increase of 1,8 per cent rather than the 2,1 per cent forecast in its February report, in the face of high prices and demand sluggishness in Southeast Asia.

-Nampa-AFP

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