Lower Oil
In its report, the Paris-based IEA suggested that rising U.S. interest rates and energy costs would reduce global demand growth for oil this year by 50,000 barrels a day to 1.77 million barrels a day. The global energy watchdog also said slowing Chinese oil demand growth might dampen crude prices further.
"Fears of a surge in second-quarter Chinese demand are receding," the IEA said, as it noted that China's oil demand growth was significantly lower in the first two months of the year. Chinese oil consumption soared nearly 17 percent last year and was estimated by the IEA to increase another 25% this year. Demand was up 15 percent in November but growth slid to only 3 percent last month.
What a surprise, rising rates and a Chinese slowdown cause a pullback in oil, who'da thunk that? Think I'll have another Morley.
"Fears of a surge in second-quarter Chinese demand are receding," the IEA said, as it noted that China's oil demand growth was significantly lower in the first two months of the year. Chinese oil consumption soared nearly 17 percent last year and was estimated by the IEA to increase another 25% this year. Demand was up 15 percent in November but growth slid to only 3 percent last month.
What a surprise, rising rates and a Chinese slowdown cause a pullback in oil, who'da thunk that? Think I'll have another Morley.
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