Oil prices drop amid weak demand forecast

Baku, October 9, AZERTAC

Oil prices declined moderately on Tuesday, as the U.S. Energy Information Administration (EIA) cut its forecast for global oil demand growth for both 2019 and 2020, Xinhua reported.

The West Texas Intermediate for November delivery lost 0.12 U.S. dollar to settle at 52.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery dipped 0.11 dollar to close at 58.24 dollars a barrel on the London ICE Futures Exchange.

The EIA on Tuesday slashed its 2020 world oil demand growth forecast by 100,000 barrels per day (bpd) to 1.3 million bpd, according to its monthly energy outlook report.

The agency also revised its projection for global oil demand growth to 840,000 bpd this year, down around 50,000 bpd from its September forecast.

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