EIA lowered 2019 global oil demand growth forecast by 50,000 bpd

 The United States Energy Information Administration (EIA) on Tuesday announced that it cut its global oil demand growth estimate for 2019 by 50,000 barrels per day (bpd) to 0.84 million bpd. The EIA also cut its 2020 world oil demand growth forecast by 100,000 barrels per day to 1.30 million bpd, per Reuters.

Crude oil prices edged lower on these headlines and the barrel of West Texas Intermediate (WTI) was last seen trading at $52.20, losing a little over 1% on a daily basis.