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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added 33 cents to $55.63 on the New York Merc, while Brent for September added 54 cents to $62.47 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.10 to WTI, down from a discount of $14.75. Natural gas for August lost four cents to $2.25. The TSX energy index added 1.28 points to close at 136.72.
The International Energy Agency (IEA) is not expecting a "huge increase" in crude oil prices any time soon, according to executive director Fatih Birol. He told an energy conference in New Delhi today that global demand is slowing and global markets are oversupplied. "Prices are determined by the markets.... If we see the market today, we see that demand is slowing down considerably," said Mr. Birol. He also pointed to the "substantial amount" of oil coming from the United States. Speaking separately to Reuters, Mr. Birol said the IEA is once again lowering its forecast for this year's increase in global oil demand. As of last year, the IEA had been predicting that 2019 oil demand would increase by 1.5 million barrels a day. It cut this figure to 1.2 million barrels a day last month, a prediction that it repeated as recently as one week ago. Now, however, it is pushing the number even lower down to 1.1 million barrels a day.
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