Alva Review-Courier -

By Pan Pylas 

Oil prices hit by downward revision to global oil demand

 

September 14, 2016



LONDON (AP, posted Sept. 13, 2016) — Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year.

In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to 1.3 million barrels a day in 2016 — 100,000 below the previous forecast.

And it also anticipates a further slowdown next year, down to 1.2 million barrels a day "as underlying macroeconomic cond...



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