TELETRADER News
10/15, 9:44 AM (Source: TeleTrader)
more TeleTrader news

Oil slides as demand expectations remain low

Prices of crude ticked lower on Thursday after the International Energy Agency's (IEA) kept its global oil demand forecasts for 2020 and 2021 unchanged. The agency expects the demand to fall by 8.4 million barrels per day on an annual basis in 2020 before it rebounds by 5.5 million barrels per day in 2021.

Oil prices declined despite private data from the American Petroleum Institute (API) reportedly showed that crude reserves in the United States went down by 5.4 million barrels last week. Investors await crude stockpiles data from the US Energy Information Administration (EIA) that is set to be released later in the day.

West Texas Intermediate (WTI) for settlements in November lost 0.56% to go for $40.81 per barrel at 3:30 am ET. Two minutes later, Brent for deliveries in December slid 0.58%, selling at $43.07 per barrel.

Breaking the News / GA