Skip to content
Subscriber Only

Brent Crude Falls to Two-Year Low on IEA Demand Cut

Brent crude declined to its lowest intraday level in more than two years, and West Texas Intermediate to a 16-month low, as the International Energy Agency cut global oil demand forecasts for this year and next.

Futures slid as much as 1.4 percent in London and New York. The IEA cut its world fuel demand estimates following a “remarkable” slowdown in the second quarter that prompted Saudi Arabia, biggest member of the Organization of Petroleum Exporting Countries, to pare exports to a three-year low. Futures also dropped after the kingdom’s oil minister, Ali al-Naimi, said he’s not worried about the price decline.