Oil prices mixed after IEA slashes demand forecast
Thursday, 14 August 2014
SINGAPORE, Aug 13 (AFP) : Oil prices were mixed in Asia Wednesday after the International Energy Agency slashed its demand outlook for 2014 and 2015 while reporting a glut in global supplies despite conflicts in Iraq and Ukraine.
US benchmark West Texas Intermediate for September rose four cents to $97.41 in afternoon Asian trade, after declining 71 cents in New York.
Brent crude for September delivery was down 31 cents at $102.71. It fell $1.66 to finish at $103.02 in London on Tuesday, its lowest closing point since July 1, 2013.
Cutting its demand outlook for this year and next, the IEA on Wednesday said "the oil market today looks better supplied than expected".