ZCZC
BCN-22
US-ENERGY-OIL-PRICE
Oil prices drop amid weak demand forecast
NEW YORK, Oct. 9, 2019 (BSS/Xinhua) – Oil prices declined moderately on
Tuesday, as the U.S. Energy Information Administration (EIA) cut its forecast
for global oil demand growth for both 2019 and 2020.
The West Texas Intermediate for November delivery lost 0.12 U.S. dollar to
settle at 52.63 dollars a barrel on the New York Mercantile Exchange, while
Brent crude for December delivery dipped 0.11 dollar to close at 58.24
dollars a barrel on the London ICE Futures Exchange.
The EIA on Tuesday slashed its 2020 world oil demand growth forecast by
100,000 barrels per day (bpd) to 1.3 million bpd, according to its monthly
energy outlook report.
The agency also revised its projection for global oil demand growth to
840,000 bpd this year, down around 50,000 bpd from its September forecast.
BSS/XINHUA/HR 1238