EIA cuts forecast for 2019 world oil demand growth by 70,000 bpd

Citing the US Energy Information Administration's monthly report, Reuters said that the EIA cut its forecast for 2019 global oil demand growth by 70,000 barrels per day to annual growth of 1 million barrels per day.

Further details of the publication revealed that the EIA raised its forecast for 2020 global oil demand growth by 30,000 barrels per day to 1.43 million barrels per day.

In the meantime, ahead of the American Petroleum's weekly crude oil stock report, the barrel of West Texas Intermediate is losing 1% on a daily basis at $54.50.