After grappling with supply-side concerns in recent months, the oil market’s main focus is now “on oil demand as economic sentiment weakens,” the IEA said, citing the weakest global trade growth in a decade, as well as a warm Japanese winter and a weakening European petrochemicals industry. Brent crude, the global benchmark, was up 0.1% at $61.40 a barrel in early trading Friday, after jumping a day earlier in the wake of attacks on two oil tankers in the Gulf of Oman . Still, prices have slumped 12% in the past four weeks on data signaling sagging demand and burgeoning supply. Newsletter Sign-up The release marked the third significant oil market report this week to take a more bearish stance on oil demand, after the Energy Information Administration released downbeat demand numbers Tuesday and the Organization of the Petroleum Exporting Countries echoed that negativity on Thursday. While the rise […]

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