Oil set for weekly loss as demand fears outweigh geopolitics
Attacks on two oil tankers in Gulf of Oman this week give prices floorLONDON: Oil prices steadied on Friday but remained on track for a weekly loss on fears that trade disputes will dent global oil demand, though attacks on two oil tankers in the Gulf of Oman this week gave prices a floor. However, the Paris-based agency said it expects demand growth to climb to 1.4 million bpd for 2020. On Thursday, the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2019 forecast for growth in global oil demand even lower than the IEA, to 1.14 million bpd. The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday. US Secretary of State Mike Pompeo said the United States has assessed that Iran was behind the attacks on Thursday.
Source: The Express Tribune June 14, 2019 11:48 UTC
