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Oil fell after the agency's forecast of rising supplies in 2020

2019-06-14 09:34 am | Resource: News | No Views : 70

Oil fell after the agency's forecast of rising supplies in 2020

Crude oil prices traded slightly in the red zone on Friday, as investors took up the latest monthly report of the International Energy Agency (IEA), which stated that the global supply of oil will exceed global demand significantly in 2020.

At the same time, the market observers treated the Organization of Petroleum Export Organization. The monthly report of the Organization of the Petroleum Exporting Countries (OPEC), which lowered expectations of global demand for oil this year.

The International Energy Agency (IEA) slashed its forecast for global oil demand growth for a second month in a row

The International Energy Agency (IEA) cut its forecast for world oil demand growth for the second straight month, currently expecting 1.2 million barrels per day (bpd) this year, before reaching 1.4 million barrels by 2020. The Paris-based agency said in its monthly report on Friday The slowdown in global oil consumption, including: a warm winter in Japan, a slowdown in the petrochemical industry in Europe, lukewarm demand for gasoline and diesel in the United States and deteriorating outlook on trade.

Yesterday's attacks on two carriers in the Gulf of Oman remained in the spotlight, especially after the United States accused Iran of being behind the attacks. However, Tehran categorically rejected the accusation.

Rohani: The United States poses a serious threat to stability in the Middle East

Iranian President Hassan Rowhani said on Friday that the United States represents a serious threat to stability in the Middle East and the world at large. Speaking at a meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO), Rohani accused Washington of violating international rules in the past two years using its "economic, financial and military capabilities" to implement aggressive foreign policy approaches.

Rohani's comments come amid escalating tension in the Middle East in the wake of yesterday's attack on two tankers in the Gulf of Oman, near strategically important Strait of Hormuz. The United States blamed Iran for the incident and deployed a guided missile destroyer in the Persian Gulf, while the Islamic Republic rejected the allegations and urged the international community to prevent "reckless and dangerous policies and practices of the United States and its regional allies in escalating tensions in the region."

  • WTI crude for July delivery fell 0.36% to trade at $ 52.12 a barrel.
  • While the Brent index for August fell 0.16% to reach 61.18 dollars a barrel at 10:53 CET.


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