LONDON, Sept 11 (AFP): Global oil prices fell further on Thursday, with Brent reaching a new 17-month low after the International Energy Agency cut its forecasts for world demand.
The news mirrored similar demand forecast downgrades this week from both the US government's Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC).
In early Thursday morning deals, Brent North Sea crude for October sank to $97.10 per barrel-the lowest point since April 18, 2013.
And US benchmark West Texas Intermediate (WTI) for October delivery slid to $90.92 -- a level last seen on May 2, 2013.
The market had already forged multi-month lows this week on the back of plentiful global crude supplies.
Prices plumbed the latest lows on Thursday after the Paris-based IEA, which advises on energy policy to industralised nations, cut its oil demand outlook, citing weaker economic growth in both Europe and China.
The IEA cut its estimate for oil demand this year to growth of 1.0 per cent or to 900,000 barrels per day, from a previous estimate of 1.1 per cent or 1.0 million barrels per day.
That takes total demand for the year to 92.6 mbd.
"Oil demand growth (is) slowing at 'remarkable' pace, the International Energy Agency has said in its monthly report today," said Ole Hansen, head of commodity strategy at Saxo Bank.
"This the final of monthly reports from the big three pick up the same theme as what has been said by the EIA and OPEC this week."
Oil hits new 17-month low on IEA demand downgrade
FE Team | Published: September 12, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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