PressTV...An official with the Organization of Petroleum Exporting Countries has predicted that oil prices could rebound further this year amid signs of growth in global demand and falling high-cost production. "It is expected that a kind of a balance will exist in the oil market in the second half of 2015 which will support prices," Kuwait's governor at OPEC Nawal al-Fuzai was quoted as saying by news agencies.
"Prices are improving, growth in supplies from outside OPEC -- especially shale oil -- is lower than before and demand is recovering," she added, reiterating that it was too early to predict OPEC decision in its upcoming meeting.
Oil prices increased in Asia Monday amid growing tensions in Yemen and Iraq, giving rise to concerns about a supply disruption in the crude-rich Middle East.
US benchmark West Texas Intermediate for June delivery rose 21 cents to $59.90 while Brent crude for July gained 18 cents to $66.99 in afternoon trade.
Crude prices plummeted nearly 60 percent between June and January as a result of a global supply glut and ramped up production.
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