Weaker oil demand
Oil executives and traders attending major industry gatherings in Singapore and Abu Dhabi this week have flagged deteriorating demand growth in key markets such as China and India for downbeat expectations on crude oil heading into 2020.
Disappointing data releases across key economies, including historically weak car sales in China and India and a contraction in China’s factory activity, have helped to fuel the gloom.
Benchmark crude oil prices have shed about $10 a barrel since April to just under $63 as global economic malaise set in.
On Tuesday, the US. Energy Information Administration (EIA) forecast that Brent would average $60 a barrel in the fourth quarter.
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