empty
 
 

2017.11.1423:17:00UTC+00Oil Prices Extends Decline as IEA Stokes Skepticism over Demand Prospects

Oil prices slipped on Wednesday, continuing the previous day's decline after the IEA cast seeds of doubt regarding the previous month's perceived tightening in the fuel markets.

Brent crude futures stood at $61.47 per barrel, falling 74 cents or 1.2 percent from their last settlement. Meanwhile, the U.S. WTI crude traded at $55.10 per barrel, falling 60 cents or more than 1 percent from their last close.

The latest retreat now means that prices are down by almost 4 percent since scaling 2015 peak levels in the previous week, snapping a 40-percent rally between June and the first weeks of November.

According to ANZ bank, crude oil prices steeply declined after IEA increased doubts regarding the market's prospect for 2018.

On Tuesday, the International Energy Agency slashed its oil demand growth projection by 100, 000 bpd for 2017 and 2018, to an estimated 1.5 million bpd this year and 1.3 million bpd in the following year. According to the agency, demand is expected to be outstripped by demand by 600, 000 in 1Q18 after a surplus of 200, 000 bpd in 2Q18, providing challenges for the market.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback