Energy Preview: Oil Stays Below $100 Per Barrel On Demand Worries

14 Jul 2022 , 08:55 AM

Crude oil continues to linger below $100 mark for the second consecutive day as mounting concerns of recession hitting demand for the commodity is keeping the commodity under pressure. Meanwhile, IEA has cut its 2022-23 global oil demand growth projections. The energy watchdog expects global oil demand to increase by 1.73 million b/d this year, it stated today in its latest Oil Market Report (OMR). This is a downward revision of 80,000 b/d compared with last months OMR. Oil demand growth for 2023 is now seen at 2.14mn b/d, a 30,000 b/d drop from the previous report. West Texas Intermediate crude for August delivery is currently quoting at $96.86 a barrel. Powered by Commodity Insights