15 Oct Brent crude oil falls to lowest since 2010 after IEA cuts demand forecast
Brent crude oil fell to the lowest level in almost four years after the International Energy Agency (IEA) said oil demand will expand this year at the slowest pace since 2009. West Texas Intermediate (WTI) slipped for the fifth time in six days.
Futures dropped as much as 2% in London and 1.5% in New York. Oil consumption will rise by about 650,000 barrels a day this year, 250,000 fewer than the prior estimate, the Paris-based agency said in its monthly market report. US crude supplies probably grew by 2.5 million barrels last week, according to a Bloomberg survey of analysts before a report from the Energy Information Administration (EIA) on 16 October