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Oil dips as IEA lowers demand expectations for 2017-18

by ChemOrbis Editorial Team -
  • 11/08/2017 (17:54)
According to Bloomberg, crude oil futures weakened following the International Energy Agency’s decision to reduce its demand estimates for OPEC crude oil for this year and the next. According to the agency, the amount of crude oil needed from OPEC countries will decrease in 2017 and 2018.

Upon the IEA’s statement, NYMEX September crude oil was down 97 cents to settle at $48.59/barrel on Thursday, August 10. ICE October Brent crude was also down by 80 cents to settle at $51.90/barrel on the same day. On Friday’s daily trading, oil prices hovered around the same levels.

The IEA stated in its monthly report that concerns about the persisting supply glut resurfaced after some countries reported growing oil production.

The agency cut its projections for the amount of crude required from OPEC in 2017 and 2018 by about 400,000 barrels/day. About 32.6 million barrels /day is expected to be needed from the group this year, less than the 32.84 million it pumped in July.
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