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Markets - Energy - Europe

Oil higher as IEA expects biggest non-OPEC output fall in 25 years LONDON: Crude prices firmed on Thursday after the International Energy Agency (IEA) said 2016 would see the biggest fall in non-OPEC production in a generation, helping to rebalance a market dogged by oversupply.IEA chief Fatih Birol said low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.Benchmark Brent crude futures were up 12 cents at $45.92 a barrel by 1120 GMT. U.S. crude futures were 4 cents higher at $44.22. Both have gained around 70 percent in value from their lows reached between January and February."It looks very strong at the moment, sentiment is bullish, technicals look fine, so I rather see prices rising further from here," Commerzbank analyst Carsten Fritsch said.The drop in supply from some producers could be offset by increased production in countries including Russia and Iran, however.Russia's energy minister ...
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