Oil Price Tumbles After IEA Casts Doubt Over De..
Oil costs slid on Wednesday 15 Nov 2017, following previous day’s fall after the International Energy Agency (IEA) oil tanker ships cast considerations over the past months’ narrative of tightening gasoline markets.
Brent crude futures were trading at USD 61.47 per barrel through the day, down by 1.2% from their final close. U.S. Nevertheless, WTI crude was at USD 55.10 per barrel, down by over 1%. The price falls signifies that crude prices are now down by about 5% after hitting 2015 highs final week, ending a 40% rally between June – November.
The IEA on Tuesday lower its oil demand growth prediction by 1,00,000 bpd for this yr and subsequent, to an estimated 1.5 mln bpd in 2017 and 1.Three mln bpd in 2018. The demand slowdown might imply world oil consumption could not breach a hundred mln bpd next 12 months, while supplies are anticipated to exceed that degree.