Crude oil prices fell for a second day Tuesday amid concerns about rising global supplies.
With OPEC determined to oversupply markets despite waning demand, crude oil prices have tumbled from multi-month highs since Friday.
Global demand growth is expected to slow from its five-year high of 1.8 mb/d in 2015 to 1.2 million barrels per day (mb/d) in 2016, the EIA said today.
“A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels–should international sanctions be eased–are likely to keep the market oversupplied through 2016,” the agency said.
Yesterday, OPEC said its September output climbed to a more-than-three-year high at an average of 31.57 million barrels a day.
November oil fell 44 cents, or 0.9 percent, to settle at $46.66/bbl on Nymex.
The material has been provided by InstaForex Company – www.instaforex.com