Crude Oil Extends Drop Below $58 as IEA Cuts Forecast
This article is for subscribers only.
Benchmark U.S. oil prices extended losses below $58 a barrel as the International Energy Agency cut its global demand forecast for the fourth time in five months.
West Texas Intermediate crude capped a weekly decline of 12 percent while Brent lost 10 percent. The IEA reduced its estimate for oil demand growth in 2015 by 230,000 barrels a day, the agency said in a report today. U.S. output, already at a three-decade high, will continue to rise in 2015, the IEA said.