Oil prices slumped on Friday after the IEA downgraded its global oil demand from 2012 for a 6th consecutive month and the economic outlook is ‘darkening’. The agency forecast that oil demand this year will reach 89.9M bpd, up +0.8M bpd from a year ago. This was revised from January’s forecast of 90.2M bpd. Despite the downward revision, the IEA’s estimate remained the highest among the 3 major oil agencies (DOE/EIA: 89.3M bpd; OPEC: 88.8M bpd).
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Weekly Fundamentals – Oil Dropped as IEA Lowered Demand Forecast
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