Oil headed for its longest run on declines in over six months after the International Energy Agency said talk of an upcoming supply shortfall could be misleading.
Futures in New York declined 0.9%. OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate report.
Traders will get more supply information Wednesday with the U.S. inventory data, which could show the first drop in crude stockpiles since mid-February. The Federal Reserve policy statement is also due later, as attention on the pace of global inflation grows.
- West Texas Intermediate crude lost 75 cents to $64.05 a barrel at 12:29 p.m. London time. It’s the longest run of daily declines since early September
- Brent fell 1.4% to $67.46 a barrel
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