Oil discoveries in 2015 fell to their lowest since 1952 as energy companies slashed exploration budgets in the wake of the oil price fall, creating a gap for meeting future demand, analysts at Morgan Stanley said.
Oil prices fell as rising production in the Middle East outweighed a decline in the US output and a sliding dollar, while Morgan Stanley warned that an emerging gasoline glut could also spill back into crude markets.
Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record US stocks due to overproduction.
