Oil Caps Weekly Drop Amid Shaky OPEC Compliance, Weaker Demand

12 Aug 2017   Prices

IEA sees OPEC’s commitment to clearing global glut fading Agency reduced demand estimates for this year and 2018 Start your day with what’s moving markets in Asia. Sign up here to receive our newsletter. Oil had its worst week in a month as compliance with OPEC’s deal falters and the outlook for demand worsens. While a weaker dollar helped push prices in New York 0.5 percent higher on Friday, erasing earlier losses, futures closed 1.5 percent down for the week. The International Energy Agency reduced demand estimates for OPEC crude this year and 2018, and said there are doubts about the group’s commitment to cutting production. Even a pledge by Saudi Arabia and Iraq to strengthen their commitment to the curbs isn’t helping. “With the latest rhetoric from the IEA, it looks like the balancing cycle is further protracted, which is not great for the market,” Michael Loewen, a […]

Comments are closed.