Crude Inventory Rose 2.1M Barrels for Week Ended Nov 8 - EIA
IEA Raises 2024 Oil Demand Forecast, Sees Surplus Looming in 2025
IEA: Crude oil demand growth in 2024 may be halved, with a surplus of over one million barrels of crude oil expected every day next year.
In terms of demand, the IEA expects that this year, global oil consumption will increase by 0.92 million barrels per day, which is less than half of the growth rate in 2023. By 2025, demand will grow by 0.99 million barrels per day. However, the IEA predicts that supply growth will continue, with production from countries such as the usa, Brazil, Canada, and Guyana increasing by 1.5 million barrels per day this year and next.
Commodity Roundup: Oil Steady, Aluminum Price Forecast Raised to $2,450/tonne at BMI
WTI Crude's Bounce Not Enough To Break Bearish Bias, Says RHB
Afternoon crude oil analysis: The strong dollar is coming, with expectations of a global increase in oil inventories. Where will Brent crude oil prices head?
Due to the strengthening of the US dollar and expectations of an increase in global crude oil product inventories, Brent crude oil futures fell during the Asian morning trading session.