Futures for crude oil dropped today after the release of a bearish report from the International Energy Agency. The agency said that “global oil demand growth is slowing at a faster pace than initially predicted.” The IEA revised its forecast for global demand growth to 1.3 million barrels per day – a downgrade of 0.1 million from the previous forecast. Furthermore, world’s consumption growth is expected to slow to 1.2 mb/d in 2017. While supply from producers from outside of the Organization of Petroleum Exporting Countries fell, the drop was offset by OPEC production that was near record highs. Futures for delivery of WTI crude oil in October dropped 2.89% to $44.95 per barrel as of 16:03 GMT on NYMEX today. November Brent crude declined 2.38% to $47.17 per barrel on ICE.
Meanwhile, prices for natural gas bounced after falling earlier today, hovering near the
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