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6/14, 11:03 AM (Source: TeleTrader)
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Oil trades lower after IEA predicts supply rise in 2020

Crude prices traded slightly in the red on Friday as investors digested the latest International Energy Agency (IEA) monthly report that stated that the global oil supply will substantially surpass the global demand in 2020. Meanwhile, market watchers also processed the Organization of the Petroleum Exporting Countries (OPEC) monthly report that cut its global oil demand forecast for this year.

Yesterday's attacks on two tankers in the Gulf of Oman remained in the spotlight, especially after the United States accused Iran of being behind the attacks. However, Tehran categorically rejected the accusation.

West Texas Intermediate for July delivery fell 0.36%, changing hands for $52.12 per barrel at 4:50 am ET while the international benchmark Brent for settlements in August declined 0.16% to go for $61.18 per barrel at 4:53 am ET.

Breaking the News / VK