Investing.com – Market players are likely to stay focused on global crude supplies in the upcoming week, after a pair of closely watched forecasters said world oil stocks are adequate and the outlook for demand is weakening.
The monthly report by the International Energy Agency (IEA) on Friday said the market looked “adequately supplied for now” and trimmed its forecasts for world demand growth this year and next.
“This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data,” said the IEA, which advises industrialized countries on energy policy.
The IEA report is the latest government assessment to predict weaker demand ahead and conclude that supply is adequate. The Organization of the Petroleum Exporting Countries (OPEC) made a similar assessment on Thursday.