Crude falls as IEA expects larger drop in global oil demand
Prices of oil declined by more than 1% on Thursday as the International Energy Agency (IEA) lowered its global crude demand forecast by 140,000 barrels per day compared to the previous monthly report. According to the agency, the world’s oil demand will fall by 8.1 million barrels per day to 91.9 million barrels per day in 2020.
Meanwhile, Israel and the United Arab Emirates successfully negotiated an agreement on a “full normalization of relations,” reaching “historic diplomatic breakthrough” that will contribute to peace in the Middle East, a joint statement by the two countries and the United States unveiled.
The West Texas Intermediate (WTI) for settlements in September surrendered 1.20% to sell for $42.16 per barrel at 1:19 pm ET. A minute later, Brent for October delivery slipped 1.19% to go for $44.89 per barrel.
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