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Crude Oil Slides Despite IEA Comments

Crude oil futures fell for a second day Friday, despite word from the International Energy Agency that the global oil market is re-balancing.

Global oil demand is expected to reach 1.5 million barrels per day this year, the agency said, revising up its July forecast from 1.4 million. In 2018 demand is seen growing by a further 1.4 million.

WTI light sweet crude oil slipped 30 cents to $48.30 a barrel, easing further from 2-month highs above $50.

Baker Hughes rig count data is due out this afternoon. The number of U.S. rigs has been falling this summer after rising rapidly in the first half of the year.

U.S. consumer inflation data for July will give more clues about future Fed decisions. The Federal Reserve is likely to scale back on its expected pace of interest rate hikes if inflation continues to be soft.

by RTTNews Staff Writer

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