By business reporter Stephen Letts The International Energy Agency says a sudden drop in the global demand for oil is "nothing short of remarkable". The Paris-based IEA says its global demand forecast has been "revised down sharply" in the past month as oil prices on futures markets continue to tumble. "A pronounced slowdown in demand growth in the second quarter of 2014 and a weaker outlook for Europe and China underpin the downward revisions," the IEA found in its highly influential monthly Oil Market Report. This week the price of Brent futures fell below $US100 per barrel for the first time in more than a year, while West Texas Intermediate crude is trading around $US91 per barrel. More » |
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