Crude oil futures edged lower Wednesday as the International Energy sees global demand growing less than originally forecast this year.
World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection as demand in developed economies softened in the first quarter, according to an IEA report.
Here are today's energy prices:Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA.
Oil deliveries have been rerouted this year due to attacks by Yemen-based Houthi militants on shipping through the Red Sea.
Inventories continued to build in April as oil on water was discharged to land, leading to an increase in onshore stockpiles, according to the IEA.
Persons:
Brent
Organizations:
International Energy, IEA
Locations:
Yemen