Oil edges up despite IEA report showing demand growth at decade low
LONDON - Oil prices rose on Friday, supported by expectations of more OPEC production cuts despite the International Energy Agency reporting demand growth at its lowest level since the financial crisis of 2008.
“Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already announced previously by the head of the IEA and the agency still expects larger inventory draws for 2H19,” UBS analyst Giovanni Staunovo said. The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, agreed in July to extend their supply cuts until March 2020 to boost oil prices.
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