ICE Brent weakens as IEA slashes global oil demand growth

11 April 2013 16:18  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures weakened by more than $1.00/bbl on Thursday after the International Energy Agency (IEA) released a report cutting its global oil demand growth for 2013.

By 14:47 GMT, the front-month May ICE Brent contract touched an intra-day low at $104.78/bbl, a loss of $1.01/bbl compared with the settlement on Wednesday. The contract then edged a few cents higher to trade around $104.95/bbl.

At the same time, the front-month May NYMEX WTI contract was trading around $94.25/bbl, having touched an intra-day low at $93.96/bbl, a loss of 68 cents/bbl compared with the settlement on Wednesday.

The IEA cut its global oil demand growth for 2013 by 45,000 bbl/day to 795,000 bbl/day. This reflects findings at OPEC, which issued its monthly oil report on Wednesday slashing its oil demand growth by 40,000 bbl/day to 800,000 bbl/day.


By: Kawai Wong
+44 20 8652 3214



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