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IEA Expects Global Oil Demand to Slow Down

11:24am, Friday, 15'th Dec 2023
Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. Bloomberg's Will Kenned
Crude oil markets have plunged initially during the course of the trading week, only to turn around and show signs of life again.
The crude oil markets have gone back and forth in tight range trading on Friday, as we continue to test the top of the overall consolidation area.
Brent and WTI crude oil prices mark a significant weekly recovery, fueled by IEA's optimistic demand forecast for 2024.
The bullish IEA report provided additional support to oil markets.
Oil prices rose on Thursday, extending the previous session's gains on a slightly improved global demand outlook for 2024 and a weaker dollar.
Oil prices shot higher on Thursday, adding to their gains from Wednesday's session as a weaker U.S. dollar helped boost commodity prices.
Oil prices have risen, driven by a weaker dollar and the IEA's revised oil demand forecast, signalling an upbeat market despite OPEC+'s recent cuts.
Oil prices are set to post their first annual decline in three years, and a return to the important $100-a-barrel mark may prove elusive in early 2024 with record U.S. production offsetting efforts by
Oil prices rise on U.S. reserve drop, Fed rate hints, and Middle East tensions; OPEC's view adds complexity.
Oil futures gained on Wednesday, a day after posting their lowest settlement in almost six months. With a weekly draw in U.S. crude supplies reported by the Energy Information Administration on Wednes
Crude inventories declined by 4.3 million barrels from the previous week, providing support to oil markets.
The crude oil markets fell initially during the trading session on Wednesday, as it looks like we are trying to do everything we can to find a floor.
It's the first time the parties agreed to reduce oil and gas use, as opposed to simply reducing emissions or increasing renewable energy.
Crude oil prices hit a six-month low, influenced by oversupply and dampening demand dynamics.
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