News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.13% Silver: -0.55% Gold: -0.57% View the performance of all markets via
  • Apple earnings: EPS $0.73 vs $0.71 est Revenue $64.70B vs est $63.47B $AAPL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in NZD/USD are at opposite extremes with 66.78%. See the summary chart below and full details and charts on DailyFX:
  • ECB Pre-Commits to More Stimulus: ECB’s Lagarde had stated that the GC were in agreement that given the current backdrop, risks were clearly tilted to the downside. Get your market update from @JMcQueenFX here:
  • Watch @PeterHanksFX, @DailyFX Equity Analyst covering the Earnings live -
  • Wow. Amazon blows out its EPS $12.37 vs $7.37. Google did $16.40 against $11.42. Even Facebook $2.71 versus $1.91. @PeterHanksFX talking about it now:
  • Facebook Earnings: EPS $2.71 vs est $1.91 Revenue $$21.47B vs est $19.84B $FB
  • Alphabet Earnings: EPS $16.40 vs est $11.42 Revenue Ex-tac $38.01B vs est $35.35B $GOOG
  • Amazon Earnings Q3 EPS $12.37 vs est $7.37 Revenue $96.1B vs est $92.71B $AMZN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.71% France 40: 0.45% Germany 30: 0.41% US 500: 0.05% Wall Street: 0.05% View the performance of all markets via
Crude Oil Prices Fall, IEA Reports Weaker Demand for 2017

Crude Oil Prices Fall, IEA Reports Weaker Demand for 2017

2016-10-11 23:06:00
Varun Jaitly,

Talking Points:

  • IEA released its Monthly Oil Market Report, it forecasted global demand will continue to fall
  • IEA noted crude oil prices rose in September, citing the OPEC supply deal talks as a key driver
  • OPEC crude output reported a record 33.64 mb/d, non-OPEC is expected to decrease in ‘17

To check out the DailyFX 4th Quarter crude oil price forecast, CLICK HERE

Crude oil prices fell nearly 0.8 percent within 30 minutes of the IEA Monthly Oil Market Report release. The October report further affirmed forecasts made in the previous two releases, suggesting low global growth is diminishing oil demand and OPEC production continues to make up for decreasing non-OPEC supply.

The IEA expects global demand to grow roughly 1.2 mb/d in 2016 with a similar forecast for 2017. The report noted that demand growth fell from “a five-year high in the 3rd quarter of 2015, to a four-year low in 3rd quarter 2016”. The IEA cited low global growth, with an emphasis on OECD nations and a “marked deceleration in China”, as the key drivers for demand weakness.

Global supply according to the IEA rose by 0.6 mb/d, as non-OPEC supply increased by 0.5 mb/d. World oil output increased by 0.2 mb/d over the last year to 97.2. The IEA reported the majority of this growth was OPEC-driven as non-OPEC supply is expected to decrease 0.9 mb/d in 2016.

OECD crude inventories decreased for the first time in 7 months. The report cited larger-than-average seasonal declines in the US and Japan.

OPEC crude output increased to a record 33.64 mb/d in September as Iraq reported all-time-high oil production and Libya reopened major exporting ports. The IEA also touched on news of an OPEC deal to cut supply to between 32.5 and 33 mb/d, with further details to be released in November. The IEA cited the recent discussions of a production deal as the driver of price gains in September.

To read the full report go here.

Crude Oil Prices Fall, IEA Reports Weaker Demand for 2017

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.