Oil prices declined on Tuesday after a report showing downward global demand raises concerns.
In its Oil Market Report released on Tuesday, the International Energy Agency cut its oil growth demand forecast by 100,000 barrels per day (bpd) for 2017 and 2018, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.
The agency said higher prices and relatively mild early winter temperatures contributed to a downward revision to its demand forecast.
Analysts said the downbeat demand outlook combined with rising U.S. output renewed investors' concern about lingering global glut.
The West Texas Intermediate for December delivery was down 1.06 U.S. dollars to settle at 55.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.95 dollar to close at 62.21 dollars a barrel on the London ICE Futures Exchange. Enditem
In its Oil Market Report released on Tuesday, the International Energy Agency cut its oil growth demand forecast by 100,000 barrels per day (bpd) for 2017 and 2018, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.
The agency said higher prices and relatively mild early winter temperatures contributed to a downward revision to its demand forecast.
Analysts said the downbeat demand outlook combined with rising U.S. output renewed investors' concern about lingering global glut.
The West Texas Intermediate for December delivery was down 1.06 U.S. dollars to settle at 55.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.95 dollar to close at 62.21 dollars a barrel on the London ICE Futures Exchange. Enditem
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