Oil prices extended losses in Asia today after the International Energy Agency slashed it 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 fell 19 cents to USD 97.18 in mid-morning Asian trade, after declining 71 cents in New York.
Brent crude for September delivery was down 24 cents at USD 102.78. It fell USD 1.66 to finish at USD 103.02 in London on Tuesday, its lowest closing point since July 1, 2013.
US benchmark West Texas Intermediate for September fell 19 cents to USD 97.18 in mid-morning Asian trade, after declining 71 cents in New York.
Brent crude for September delivery was down 24 cents at USD 102.78. It fell USD 1.66 to finish at USD 103.02 in London on Tuesday, its lowest closing point since July 1, 2013.
The agency, the oil policy arm of the Organisation for Economic Cooperation and Development, projected 2014 oil demand would rise by 1.0 million barrels a day to 92.7 mbd, compared to its July forecast for growth of 1.2 mbd.
It cut its 2015 demand forecast to 94 million barrels a day -- 300,000 barrels less than the previous prediction.
Oil prices have seen a build in risk premium in recent months due to armed insurgencies in crude producer Iraq as well as Ukraine, a key conduit for Russian energy exports to Europe.
It cut its 2015 demand forecast to 94 million barrels a day -- 300,000 barrels less than the previous prediction.
Oil prices have seen a build in risk premium in recent months due to armed insurgencies in crude producer Iraq as well as Ukraine, a key conduit for Russian energy exports to Europe.
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