Oil markets have been startingly calm in recent months despite unrest in some of the world’s largest oil producing regions. The price of London-traded Brent crude oil is actually down $5 since mid-May. The reason is that the world doesn’t need as much of the stuff right now — and global production continues to ramp up. Tuesday, the International Energy Agency announced global oil demand growth in Q2 had fallen to 0.7 million barrels a day, the slowest place since Q1 2012. The agency also revised its total 2014 demand growth forecast down to 1 million barrels, down …read more
Source: Business Insider
