Weekly losses for oil prices…US crude down 1%

Written by – Marwa Al-Khol

Sunday, April 14, 2024 at 02:00 PM

Registered prices Oil Global markets suffered weekly losses, as global benchmark Brent crude oil fell 0.8%, and US West Texas Intermediate crude fell more than 1%, with oil prices for Brent crude futures at $90.45 a barrel and US West Texas Intermediate crude oil prices. Futures were at $85.66 a barrel.

The International Energy Agency cut its oil demand growth forecast for 2024 due to lower-than-expected consumption in OECD countries and a decline in industrial activity.

The agency cut its growth forecast for this year by 130,000 barrels per day to 1.2 million barrels per day after easing Covid-19 restrictions, freeing up unwanted demand from China, the world's biggest oil importer. Oman News Agency reported.

In its monthly oil report, the International Energy Agency said, “Supply data for several countries was weak, and unusually warm weather in late winter reduced the use of heating fuels in the Organization for Economic Co-operation and Development more than usual.”

“Furthermore, the lingering slowdown in manufacturing in advanced economies continues to dampen demand for industrial fuels,” he explained.

He said demand growth will slow to 1.1 million barrels per day in 2025, global GDP growth will remain stable and expansion in the electric car sector will accelerate.

According to the International Energy Agency, China's contribution to the global increase in oil is expected to weaken from 79% in 2023 to 45% in 2024 and 27% the following year.

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