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Oil Trades Below $57 as the IEA Reduces Demand Forecasts
Tuesday, 14 November 2017 18:43 WIB | ENERGY |WTIBrent

Oil traded below $57 a barrel as the International Energy Agency trimmed estimates for demand this year and next.

Futures dropped 0.4 percent in New York. This year™s price gains along with milder-than-normal winter weather are putting a brake on demand growth, the IEA said in a report Tuesday. The agency diverged from OPEC, which on Monday increased estimates for the amount it will need to pump to meet demand next year by 400,000 barrels a day. 

Oil last week capped the longest run of weekly gains since October 2016 amid tension in the Middle East and on signs the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. The market is re-balancing at a quickening pace and supply cuts are the œonly viable option to restore stability, OPEC Secretary-General Mohammad Barkindo said.

West Texas Intermediate for December delivery was at $56.54 a barrel on the New York Mercantile Exchange, down 22 cents, at 10:55 a.m. in London. Total volume traded was about 32 percent below the 100-day average. Prices rose 2 percent last week.

Brent for January settlement dropped 28 cents, or 0.5 percent, to $62.88 a barrel on the London-based ICE Futures Europe exchange. Prices lost 36 cents, or 0.6 percent, to $63.16 on Monday. The global benchmark traded at apremium of $6.13 to January WTI.

The IEA reduced its demand estimate for 2018 by 200,000 barrels a day to 98.9 million a day, according to projections in its monthly report. Forecasts for demand growth next year also fell by 100,000 barrels a day to 1.3 million a day, a growth rate of 1.3 percent.

Source: Bloomberg

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