Singapore — Oil prices fell more than 1% on Wednesday, continuing Tuesday’s slide after the International Energy Agency (IEA) cast doubt on the past few months’ narrative of tightening fuel markets. Brent crude futures were at $61.44 a barrel at 4.13am GMT, down 77c or 1.24% from their last close. US West Texas Intermediate (WTI) crude was at $55.10 a barrel, down 60c or 1.1%. The price falls mean that crude prices are now down by about 5% since hitting 2015 highs last week, ending a 40% rally between June and early November. "Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future…. The drop was arguably exacerbated by a global sell-off in other commodities," said Sukrit Vijayakar, director of energy consultancy Trifecta. The IEA on Tuesday cut its oil demand growth forecast by 100,000 barrels a day for this year and next, to an estimated 1.5-million barrels a day in 2017 and 1.3-million barrels a day in 2018. "The oil market faces a difficult ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.