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News from Malta

Oil prices fall as outlook for global balance dims




Oil fell on Tuesday, losing gains made earlier in line with a recovery on global stock markets, after a forecasting agency estimated world crude supply could overtake demand this year, potentially undermining producer efforts to curb supply.
The Paris-based International Energy Agency raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd.
However, rapidly rising output, particularly in the United States, could well outweigh any pick-up in demand and begin to push up global oil inventories, which are now within sight of their five-year average.
"Today, having cut costs dramatically, US producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth," the IEA said.
Brent crude futures were down 23 cents at $62.36 a barrel by 1318 GMT, while US West Texas Intermediate crude futures were down 40 cents at $58.89.
"Overall, the IEA confirms its bearish view on global supply and demand, expecting no significant global stock draws in 2018," Petromatrix strategist Olivier Jakob said.
"Opec has a more bullish view but has been forced...

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