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9/15, 1:04 PM (Source: TeleTrader)
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Oil trades higher after IEA cuts demand forecast

Crude oil futures prices increased on Tuesday after the International Energy Agency (IEA) cut its global oil demand forecast for 2020.

The IEA also pointed out in the report that it estimates that the output cuts of OPEC+ in August were reduced by 1.3 million barrels per day (bpd) instead of the planned 2 million barrels per day. OPEC+, which is meeting later this week, had agreed to reduce its production cuts from 9.7 million bpd to 7.7 million bpd.

West Texas Intermediate (WTI) futures for October delivery jumped 1.80% to $37.93 per barrel at 6:49 am ET. International benchmark Brent for November was up 1.57% and going for $40.25 per barrel at 6:51 am ET.

Breaking the News / VP