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IEA report adds to downside pressure on Brent
The latest oil demand outlook report from the IEA (International Energy Agency) has just been released. Yesterday OPEC lowered their demand outlook for 2024 and just now the IEA have followed suit. The IEA have lowered demand growth for 2024 to 860k barrels per day (BPD) from a prior guess of 900k. The oil markets reacted immediately to the news and that has seen the price of December Brent crude fall to fresh session lows, underneath $74.25. The low seen so far has just been set at $74.10. However, given the sizeable falls already from last week, it is possible this news might already be to some extent priced-in? We shall see on that perhaps. Brent for December delivery is currently trading at $74.15
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