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.

 

Similar

Brent reaches $70 on output cuts

On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America…

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera