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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (64922)	8/9/2019 2:35:24 PM
From: Goose94	Read Replies (1) of 202405

Crude Oil: WTI The main news today comes from the IEA, which called global oil demand “fragile” amid signs of a slowing economy. “The situation is becoming even more uncertain: the U.S.-China trade dispute remains unresolved and in September new tariffs are due to be imposed,” the Paris-based agency said in its monthly report. “The outlook is fragile with a greater likelihood of a downward revision than an upward one.” While Saudi Arabia’s promise to keep oil exports below 7 million bpd has given oil prices a boost, sentiment remains undeniably bearish. The IEA’s latest Oil Market Report shows some worrying numbers on oil demand. Consumption declined in May by 160,000 bpd year-on-year. Between January and May, demand was only up by 520,000 bpd, the weakest increase since 2008. Overall, the agency cut global demand growth for 2019 to 1.1 mb/d. The data offers further evidence of an economic slowdown.

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