Oil Declines as IEA Says Surplus Will Last Longer Than Expected
- Glut seen persisting into late 2017 as demand growth slows
- U.S. crude supplies may have added 4 million barrels last week
Raymond James Analyst: Oil Could Reach $80 Next Year
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Oil dropped as the International Energy Agency changed its view on global oversupply, seeing a glut persisting into 2017.
Futures fell 3 percent in New York. The oil surplus will last longer than previously thought as demand growth slumps and output proves resilient, the IEA said. U.S. crude supplies probably rose by 4 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday. The nation had the biggest supply decline in 17 years the prior week when a tropical storm disrupted imports and offshore production.