Oil edges lower on Friday ahead of IEA report
- Date: 11-Aug-2023
- Source: Argaam
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil edges lower on Friday ahead of IEA report
Oil prices ticked lower today, Aug. 11, as markets wait for the International Energy Agency (IEA) report, a snapshot of a crude market that’s tightening due to supply curbs.
Global markets are heading for a sharp supply deficit of more than 2 million barrels per day (bpd) this quarter,
according to a monthly report from OPEC on Thursday.
The group expects global demand this year to grow by 2.4 million bpd, followed by 2.2 million bpd in 2022.
Brent crude for October delivery inched down 0.16%, or 14 cents, to $86.25 a barrel at 8:02 am Makkah Time.
WTI for September delivery traded 0.31%, or 11 cents, lower at $82.71 a barrel after losing 2% on Thursday.
Select Sector 
Select Country 
