SINGAPORE (June 21): DBS Vickers Securities on Monday said the oil market is close to balancing, but oil prices might swing this weekend following the results of the Brexit referendum, expected to be out on Friday.

The International Energy Agency (IEA) said in a June monthly report the oil market looks to be balancing in the second half of 2016.

IEA estimated an excess of supply over demand of 0.8mmbpd in May – about half of the 1.5mmbpd predicted in January this year, due mainly to stronger-than-expected demand growth and unexpected supply outages, according to DBS lead analyst Ho Pei Hwa.

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