IEA Witnesses Largest Drop of Oil demand in History
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IEA Witnesses Largest Drop of Oil demand in History

According to International Energy Agency the fall in oil demand is increasing day by day. This year the decrease in oil demand is going to be largest in history. But there is a hope. IEA is positive about upcoming months. IEA thinks that market will see “a more stable footing” in coming months.

Here are some trading predictions. Brent crude futures traded at $39.97. U.S. West Texas Intermediate futures stood at $37.22, around 0.3% higher. It can be higher or lower according to experts.

Oil prices are down to 40%. Travel industry is almost closed and that’s why oil demand has dramatically decreased.  The global pandemic is affecting all energy markets.

The IEA analyzed oil demand in the second quarter and saw unbelievable impact from lockdown. According to IEA oil industry is losing 17.8 million per day. Last year energy markets saw incredible growth and demand.

This year all markets are down due to global pandemic.

Peter is passionate news writer and loves to write about business.