Global
oil prices hit a two-year low today after the International Energy
Agency cut its forecasts for world demand, with the market also
weighed down by plentiful supplies, analysts said. In earlier London
trade, Brent North Sea crude for October sank to USD 96.72 per barrel
-- the lowest point since July 2, 2012. And US benchmark West Texas
Intermediate (WTI) for October delivery slid to USD 90.43 -- a level
last seen on May 1, 2013. "Oil prices were lower again on ample
supply and soft global demand," said CMC Markets analyst Jasper
Lawler. Brent oil later stood at USD 97.48, down 56 cents from
Wednesday's close, while WTI rebounded slightly to USD 91.91, up 24
cents. The market has forged a series of multi-month lows this week
on the back of abundant global crude supplies and gloomy demand
growth forecasts. Prices plumbed the latest troughs today after the
Paris-based IEA, which advises on energy policy to industrialised
nations, cut its global oil demand outlook, citing weaker economic
growth in both Europe and China. The IEA trimmed its estimate for oil
demand this year to growth of 1.0 percent, or 900,000 barrels per day
(bpd), from a previous estimate of 1.1 per cent or 1.0 million bpd.
That takes total demand for the year to 92.6 million bdp. The news
followed broadly similar demand forecast downgrades this week from
both the US government's Energy Information Administration (EIA) and
the Organization of the Petroleum Exporting Countries (OPEC). "Oil
demand growth (is) slowing at 'remarkable' pace, the International
Energy Agency has said in its monthly report today," said Ole
Hansen, head of commodity strategy at Saxo Bank. "This the final
of monthly reports from the big three... (on) same theme as what has
been said by the EIA and OPEC this week." Falling oil prices
have sparked market speculation that crude producer group OPEC could
call an emergency meeting to halt the slide. However, cartel member
Kuwait said today there was no need to call such a meeting. "So
far, we are confident that prices have not dropped to the extent that
makes us call for an emergency meeting," Oil Minister Ali
al-Omair told reporters.
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