Markets

Bearish IEA Demand Outlook Could Pressure Prices

Bearish IEA Demand Outlook Could Pressure Prices

Oil prices declined on Thursday, after the International Energy Department reported a bearish outlook of the market.

Brent crude oil was down 62 cents at $56.32 a barrel by 1:43 p.m. ET.

Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd.

U.S. West Texas Intermediate (WTI) crude futures were at $51.09 a barrel, up 17 cents, or 0.33 percent, from their last settlement.

Prices dropped after the American Petroleum Institute reported on Wednesday that USA crude stocks rose by to 468.5 million barrels last week, disappointing expectations for a drop of 400,000 barrels.




The move is part of ongoing efforts led by the Organization of the Petroleum Exporting Countries with other producers, including Russian Federation, to curb oversupply and stabilize prices by cutting output in a deal which is due to expire in March 2018.

The agency forecast that 2018 crude oil output will rise by 680,000 barrels per day (bpd) to 9.92 million bpd.

OPEC indicated in its last report that its agreement to limit extraction together with producers non-members of that organization achieved to reduce the excess offer, pointing to a more stable global market.

The Organisation for Economic Co-operation and Development's (OECD) commercial stocks fell 14.2m barrels in August to just over 3bn barrels, leaving the surplus 170m barrels over the five-year average, down from 318m barrels at the end of January.


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