Oil prices are sliding

|4 weeks ago

Oil prices slide as the International Energy Agency (IEA) reduces its oil demand growth forecast by 100,000 barrels per day bringing the estimate for 2017 to 1.5 million bpd and 1.3 million bpd for 2018. Crude oil fell dramatically on the news, dropping around 5% from last week’s highs. The IEA report was a direct contradiction of Organization of the Petroleum Exporting Countries (OPEC) analysis who earlier this week sharply raised their demand forecast. The IEA’s gloomy outlook heaps further pressure on OPEC to extend supply cuts beyond March 2018.

 

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