Oil Prices Dropped Amid Changes on Demand Forecasts
- Trade Magnates Team
- Jun 12, 2019
- 1 min read
Oil prices declined on Wednesday as the US Energy Information Administration, EIA, cut its forecasts for 2019 world oil demand growth, trading at $52 per barrel.
The EIA, in its monthly report, has lowered its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd. The American Petroleum Institute (API) reported an unexpected increase in crude oil stockpiles as well which led to this drop in proces.
Investors and analysts are eying on the official weekly data from US Energy Information Administration later today while waiting on the OPEC meeting which was suggested to be moved by Russia to the 3rd-4th July instead of June 25th.
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