Tag: International Energy Agency (IEA)

Oil prices extend losses in Asia after demand warning

SINGAPORE, Singapore (AFP) — Oil prices tumbled more than one percent on Wednesday in Asia, extending the previous day’s sharp falls after the International Energy Agency warned of weakening demand. A recent rally had sent the commodity to two-year highs, fuelled by hopes producers will extend output cuts well into 2018 as well as escalating tensions between crude giants Saudi Arabia and Iran. But the Paris-based IAE said in a monthly report that it had […]

IEA chief says oil price bottoming depends on global growth

  KITAKYUSHU, Japan (Reuters) – International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern. Oil prices hit 2016 highs on Friday with Brent crude LCOc1. reaching $48.50 a barrel on optimism that a global oil glut will ease. That, coupled with a weaker dollar, has helped lift crude futures by more than $20 a […]