MTECHTIPS:-Crude Oil Prices Settle 1% Lower as IEA Forecasts Weaker

MTECHTIPS:-Crude Oil Prices Settle 1% Lower as IEA Forecasts Weaker Global Oil Demand

MTECHTIPS-Crude oil prices settled lower on Thursday as a bearish outlook on global oil demand for 2018 offset data showing U.S. crude oil stockpiles fell for the third-straight week. On the New York Mercantile Exchange crude futures for November delivery fell by 70 cents to settle at $50.60 a barrel, while on London’s Intercontinental Exchange, Brent lost 66 cents to trade at $56.28 a barrel. Crude oil prices fell for the first time in three days as investors mulled over a mixed report from the Energy Information Administration (EIA) showing crude stockpiles fell more than expected while gasoline supplies swelled. Inventories of U.S. crude fell by roughly 2.8 m barrels in the week ended Oct. 6, handily beating expectations of a draw of 2 m barrels. Gasoline inventories, one of the products that crude is refined into, rose by roughly 2.5 m barrels, confounding expectations of a draw of 480,000 barrels while distillate stockpiles fellby about 1.5 m barrels, missing expectations of a decline of 2.2 m barrels. The mixed report on inventories from the EIA came ahead of a monthly update from the International Agency Energy on Thursday suggesting that global demand for oil could come under pressure next year

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