The global oil glut is bigger than previously thought and the risk of prices falling further has increased, the International Energy Agency has said. In its monthly report, the IEA warned that the recent respite was likely to be a “false dawn” and market conditions were weaker than the agency believed when it predicted last month the world could drown in supply. The price of oil has risen since it tumbled to a 13-year low in January. After falling below $28 a barrel, Brent crude climbed to more than $35 at the end of last month, though that was less than a third of the $115 peak in summer 2014. The IEA said renewed ... (full story)