GLOBAL OIL GLUT SENDS PRICES PLUNGING TO 5-YEAR LOW (STA BREAKING NEWS and ARCHIVES)

by STANews , Wednesday, October 15, 2014, 22:05

Oil prices have hit a 5-yr low after the International Energy Agency (IEA) predicted a sharp drop in global oil consumption, cutting its forecast for global demand growth by about 22 percent.

The Paris-based energy watchdog cut its forecast for world oil demand this year by 250,000 barrels a day, according to its monthly report, published Tuesday.

In response, Brent crude tumbled below $87 per barrel, and at the time of publication, was trading at $84.04 per barrel. That is more than a 27.5 percent drop since June, when turmoil in Iraq drove up prices to $116 per barrel.

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