IEA Says Oil Market More Fragile as Resurgent Virus Hurts Demand
- Fourth-quarter demand forecast cut by 600,000 barrels a day
- Oil inventories in developed nations rose to record in July
This article is for subscribers only.
The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said.
The IEA, which advises major economies, trimmed forecasts for fuel consumption for the rest of the year and predicted that oil inventories -- which rebounded to record levels in July -- won’t subside as sharply as anticipated.