{"id":1755,"date":"2017-11-15T19:41:24","date_gmt":"2017-11-15T20:41:24","guid":{"rendered":"https:\/\/madaresharghi.com\/brent-wti-prices-slide-2\/"},"modified":"2017-11-15T19:41:24","modified_gmt":"2017-11-15T20:41:24","slug":"brent-wti-prices-slide-2","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/brent-wti-prices-slide-2\/","title":{"rendered":"Brent, WTI Prices Slide"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices fell by 1% on Wednesday, continuing Tuesday\u2019s slide after the International Energy Agency cast doubts over the past few months\u2019 narrative of tightening fuel markets.<br \/> \tBrent crude futures were at $61.61 per barrel, down 60 cents, or 1% from their last close.<br \/> \tUS West Texas Intermediate crude was at $55.14 per barrel, down 56 cents, or 1%, CNBC reported.<br \/> \tThe price falls mean crude prices are now down by around 5% since hitting 2015 highs last week, ending a 40% rally between June and early November.<br \/> \t\u201cCrude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future &#8230; The drop was arguably exacerbated by a global selloff in other commodities,\u201d said Sukrit Vijayakar, director of energy consultancy Trifecta.<br \/> \tThe International Energy Agency on Tuesday cut its oil demand growth forecast by 100,000 barrels per day for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.<br \/> \t\u201cThe oil market faces a difficult challenge in Q1 2018 with supply expected to exceed demand by 600,000 bpd followed by another, smaller surplus of 200,000 bpd in Q2 2018,\u201d the agency said.<br \/> \tThe demand slowdown could mean world oil consumption may not, as many expect, breach 100 million bpd next year, while supplies are likely to exceed that level. The IEA report countered the Organization of Petroleum Exporting Countries, which just a day earlier said 2018 would see a strong rise in oil demand.<br \/> \tVijayakar said a reported increase in US crude inventories was also weighing on prices. The American Petroleum Institute said on Tuesday US crude inventories rose by 6.5 million barrels in the week to Nov. 10 to 461.8 million.<br \/> \tUS government inventory data were due later on Wednesday. On the supply side, rising US output also pressured prices. US oil production has already increased by more than 14% since mid-2016 to 9.62 million bpd and is expected to grow further.<br \/> \tThe IEA said non-OPEC production will add 1.4 million bpd of additional production in 2018. The IEA\u2019s outlook pressures OPEC to keep restraining output to defend crude prices, which its members rely on for revenue.<br \/> \tOPEC and some non-OPEC producers, including Russia, have been withholding production this year to end years of oversupply. The deal expires in March 2018 but OPEC will meet on Nov. 30 to discuss policy, and it is expected to agree an extension of the cuts.<br \/> \t\u201cAnything less than a full nine-month extension delivered at the Nov. 30 meeting could precipitate a selloff,\u201d US bank Citi said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices fell by 1% on Wednesday, continuing Tuesday\u2019s slide after the International Energy Agency cast doubts over the past few months\u2019 narrative of tightening fuel markets. Brent crude futures were at $61.61 per barrel, down 60 cents, or 1% from their last close. US West Texas Intermediate crude was at $55.14 per barrel, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent, WTI Prices Slide - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/brent-wti-prices-slide-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent, WTI Prices Slide - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices fell by 1% on Wednesday, continuing Tuesday\u2019s slide after the International Energy Agency cast doubts over the past few months\u2019 narrative of tightening fuel markets. Brent crude futures were at $61.61 per barrel, down 60 cents, or 1% from their last close. 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