EIA Downgrades Global Oil Demand for 2014

9 July 2014 9 July 2014

DaniKroger

Wall Street dropped ahead of the FOMC minutes and the beginning of the earnings season. Mixed economic data gave little clue to the outlook. Stocks experienced the biggest drop in 2-months with the DJIA and the S&P 500 indices losing -0.69% and -0.70% respectively. In the commodity sector, crude oil remained pressured with the Brent crude contract fell for a 7th straight day to a 1-month low. EIA’s downgrade of its 2014 world demand growth forecast exacerbated the weakness.