Worthy Christian News » Oil Prices Hit Nine-Month Low

christian news

Worthy Christian News » Oil Prices Hit Nine-Month Low

Oil Prices Hit Nine-Month Low

oil-fields
Wednesday, August 13, 2014 (3:23 am) | Worthy News / World News

LONDON (Worthy News)– Oil prices have fallen to a nine-month low as surging supply from OPEC and the U.S. floods the market and fresh demand withers.

The International Energy Agency (IEA) cut its forecast for the rise in global consumption to just 1m barrels a day (b/d) this year due to near recession conditions in Europe and as pervasive weakness in the world economy disappoints.

This comes as supply rises by a further 300,000 b/d beyond what was already planned. The warning sent Brent crude prices tumbling to $104 a barrel, the lowest this year.

The sudden shift in the balance of the market has allowed the OECD club of rich states to build up their oil stocks at the fastest rate in eight years, creating an extra layer of protection against any possible supply shock from Russia and Iraq. — Source

Copyright 1999-2014 Worthy News. All rights reserved.

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

No Comment

Leave a Reply

Make us your homepage

What is Worthy News?

Worthy News is an independent Christian news agency which reports news not covered by other outlets, on key developments in a rapidly changing world. Worthy News reaches both Christians and non-Christians around the globe and strives to be balanced and make a difference in these strategic times.

Worthy News. Reliable-Trustworthy-Cutting Edge

Recommended Links

  • Editor’s Picks

  • Latest News

  • Most Read This Month

  • Most Read Today


  • 1999-2014 Worthy Christian News » Oil Prices Hit Nine-Month Low