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Oil is affected by the agency's expectations for global demand
16/11/2017 12:00 AM [rtl]Capitals / follow - up to the morning oil prices fell one percent on Wednesday in the continuing losses on Tuesday after it dropped the International Energy Agency on the doubts raised over the past few months on improved fuel markets. By 0745 GMT, world benchmark crude hit $ 61.61 a barrel in futures, down 60 cents, or 1 percent, from the previous settlement. US WTI hit $ 55.14 a barrel, down 56 cents, or 1 percent. The International Energy Agency (IEA) on Tuesday cut its global demand growth forecast by 100,000 bpd for the current and next year to about 1.5 million bpd in 2017 and 1.3 million bpd in 2018. The Organization of Petroleum Exporting Countries (OPEC) Suggest that the oil market is approaching a healthy balance between supply and demand after years of falling crude prices. "The futures contracts (Brent and Nymex crude) are still supported by growing evidence that the oil market is moving smoothly towards restoring its balance," OPEC said in its annual oil market report. Oil prices have surged in recent months after countries from within and outside OPEC signed a deal at the end of last year to cut output to counter the world's abundant oil supplies.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=147569 [/rtl] |
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