Three days of gains for West Texas Intermediate crude oil futures on Thursday came to a halt after the reduced forecast for oil demand issued by the International Energy Agency, according to Bloomberg.
Also tugging down the energy commodity was supplies of the energy commodity rising to the top level in 22 years. The IEA slashed its forecast for worldwide consumption for a third consecutive month while also projecting Europe will offer the most tepid demand since the 1980s. Investment bank Citigroup said on Thursday that crude oil prices have endured downward pressure and that pinching is poised to continue.
"Demand remains subdued and supplies are adequate," analyst Andrey Kryuchenkov with VTB Capital in London told the news source on Thursday.
At 8:35 a.m. on Thursday, WTI crude oil futures fell 0.34 percent, a 36-cent loss to $94.32 per barrel. At 8:30 a.m., Brent crude oil futures slipped 0.19 percent, a 21-cent reduction to $105.70 per barrel.
Reuters reports demand for the energy commodity is slipping due to slow economic growth in the U.S., the world's top consumer of oil.
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