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Oil: an overview of the market situation
Crude oil fell to the lowest in more than two years after the International Energy Agency cut global oil demand forecasts because of weaker growth. The IEA reduced demand estimates for this year and next following a "remarkable" slowdown in the second quarter that prompted Saudi Arabia to pare exports to a three-year low. The Paris-based IEA cut its projection for demand growth in 2014 by 150,000 barrels a day because of weaker performance in China and Europe, forecasting that worldwide consumption will expand by 900,000 barrels a day to average 92.6 million.
Later oil retreated on short covering/bargain hunting off the day's and 2014 low of $90.43 has seen a strong rally back
WTI for October delivery rose 0.65% to $92.05 a barrel on the New York Mercantile Exchange.
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