IEA says oil market outlook remains fragile - ForexLive

IEA comments on the oil market

Notes that demand growth between January to May was just 520k bpd
That's the slowest for the period since 2008
Outlook for global oil demand is fragile amid growing signs of an economic slowdown
Situation is becoming even more uncertain with a greater likelihood of a downward revision rather than an upward one

ForexLive

The agency trimmed its estimates for global oil demand growth this year by another 100k bpd to 1.1 mil bpd, with a 50k bpd cut to the 2020 estimate as well to just 1.3 mil bpd.

As global growth concerns continue to rise amid ongoing trade tensions, it's not a surprise to see weakening demand in spite of Saudi Arabia trying to downplay the matter. That is going to pose a problem for oil prices moving forward considering that the global growth outlook remains bleak over the next year or so.

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