Oil Demand Likely To Fall In 2017 As Prices Struggle
Crude oil, like many other commodities and markets are present, continues to remain rangebound with the bullish momentum of earlier in the month now waning.
IEA
IEA Revision Increases The Pressure On Oil
This morning’s IEA supply report has suggested demand would remains weak into 2017, and with a downward revision to its demand forecast, this has added a bearish tone to oil prices once again, with the WTI contract for October trading lower at $45.27 at time of writing. The IEA see the forecast for 2016 falling by 100k bpd to 1.3 mln bpd.
Over Supply of Oil Continues to Drive Prices Lower
It was a day of muted trading for oil yesterday, with both the US and Canada observing a public holiday in honor of their war veterans, and as a result the Wednesday oil inventories report is now scheduled for Thursday.