Oil declines after IEA finds demand outlook doubtful

Oil declines after IEA finds demand outlook doubtful

On Wednesday, crude prices went down by 1%, continuing Tuesday's slide right after the International Energy Agency expressed doubts as for the last few months' narrative of tightening crude markets.

Brent crude futures demonstrated $61.61 a barrel, sliding 1% from their previous close.

American West Texas Intermediate crude futures CLc1 reached $55.14 a barrel, decreasing 1%.

The price dips mean that crude prices are currently falling by approximately 5% since hitting 2015 maximums the previous week, concluding a 40% soar between June and early November.

On Tuesday, the International Energy Agency downgraded its crude demand surge estimates by approximately 100,000 barrels a day for this year and 2018.

The given demand slowdown could suggest that world crude consumption might not, as many hope, breach 100 million bpd in 2018, while supplies will probably exceed that level.

American crude output has already soared by more than 14% since mid-2016 to about 9.62 million bpd and it’s supposed to keep rising.

 

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