IEA cuts its global oil demand forecast again

FXStreet (London) - The International Energy Agency has cut its global oil demand forecast for the fourth time in five months. The IEA cut its forecast by 230k barrels/day while forecasting that production outstripping demand could put pressure on come nations’ inventory capacities.

IEA cut forecasts for Opec demand by 300k barrels/day to an average of 28.9m barrels, sown 1.4m barrels/day lower than it daily average in November this year.
WTI crude is still trading below USD60/barrel at USD59.33.