A downturn in demand forecasts sends oil prices lower

Crude oil prices turned lower in early Wednesday trading after the International Energy Agency said the market was creating economic headwinds.

The International Energy Agency in its latest monthly market report, released Wednesday, revised its global demand forecast lower by about 6.5 percent to 1.4 million barrels per day for 2018.

“While recent data confirms strong growth in first quarter 2018 and the start of second quarter 2018, we expect a slowdown in the second half of the year largely attributable to higher oil prices,” the IEA stated…

 

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