UBS slashed its price forecast for global benchmark Brent to $80 per barrel on weakening demand in China, the world’s largest crude importer.
Crude supplies are expected to outstrip supply by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency.
Crude oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 per barrel, though the market outlook remains bearish.Global crude supplies are expected to outstrip supply by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency's monthly market report.December contract: $68.92 per barrel, up 49 cents, or 0.7%. Year to date, U.S. crude oil is down more than 3%.January contract: $72.
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