Growth in oil demand is forecast to fall by as much as 60 per cent next year amid economic turmoil, the International Energy Agency (IEA) said.
Yesterday's report from the IEA, the organisation based in Paris that advises 28 major industrialised nations, trimmed crude demand by 100,000 barrels per day (bpd) for this year along with decreasing next year's growth prediction.
The price of Brent oil, the European benchmark, briefly rallied yesterday rising to US$107 per barrel after the US announced it would bolster the economy with low interest rates, helping to erase losses from the day before when oil dipped below $100. But by 6pm local time it had slipped back down to $104.
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