News Column

Crude Oil Slides As IEA Lowers Demand Outlook

August 12, 2014



WASHINGTON (Alliance News) - Crude oil prices are drifting lower Tuesday morning, with traders continuing to keep a close watch on the developments in Ukraine and the Middle East.

The International Energy Agency lowered its preliminary oil demand outlook for this year and 2015, contributing to oil's slide.

Meanwhile, concerns about Ukraine have resurfaced again on the back of reports that a convoy of 280 Russian trucks carrying humanitarian is headed for Ukraine.

Ukraine has stated that it will deny entry to the convoy as it feels the aid could be a pretext for sending troops.

Traders are also looking ahead to weekly crude inventory data from the US Energy Information Administration, due tomorrow. Before that, the American Petroleum Institute will come out with its weekly oil report later today.

Crude oil futures for September delivery are down USD0.69 or 0.70% at USD97.40 a barrel, after declining to USD97.11 a barrel, its lowest level since August 1.

A fresh three-day truce in Gaza that came into effect Monday morning too helped ease geopolitical worries.

Meanwhile, natural gas for September is up USD0.0.45 or 1.13% at USD4.010 per million btu.



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Source: Alliance News


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