OPEC sees oil glut shrinking in second half of year

By Alex Lawler LONDON (Reuters) - OPEC forecasts that the world oil market will be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut. The Organization of the Petroleum Exporting Countries pointed in a monthly report to supply exceeding demand by just 160,000 barrels per day (bpd) in the second half. Oil has risen to $50 a barrel from the 12-year low of $27 in January as the outages curb excess supply.