IEA cuts global oil demand forecast
|The International Energy Agency (IEA) slashed its global Oil demand forecast for the first time since October, attributing economic lull in Asia as one of the major causes for the downgrade.
Key highlights:
• Fuel consumption in China, Japan and Brazil disappointed in Q1.
• Expects stockpiles to plunge as demand picks up this quarter.
• And as US sanctions squeeze production in Iran.
The outlook did little to improve the already weaker trading sentiment around Oil prices, which is now down around 1% for the day on the back of a surprise build in inventories from the API data overnight.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.