Oil prices fall amid concerns over ebbing global demand

Source: Xinhua| 2019-08-23 04:10:03|Editor: huaxia
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NEW YORK, Aug. 22 (Xinhua) -- Oil prices closed lower on Thursday, as the market has been overshadowed by worries about weakening global crude demand.

The West Texas Intermediate for October delivery decreased 0.33 dollar to settle at 55.35 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for October delivery dipped 0.38 dollar to close at 59.92 dollars a barrel on the London ICE Futures Exchange.

DNB Markets, a leading Norwegian investment bank, slashed its estimate for oil demand growth to 800,000 barrels a day (bpd) in 2019, down from its previous 1.1 million bpd, MarketWatch quoted the bank's research note as saying on Thursday.

It also revised down its forecast for oil demand growth in 2020 to 1.1 million bpd, from the previous 1.6 million bpd.

Meanwhile, DNB Markets also cut its estimate of the benchmark Brent oil price to 66 dollars for 2019, down from a previous projection of 73 dollars, due to its tepid outlook for global economic growth, which would weigh down global oil demand. Enditem