Oil prices slumped to their biggest one-day loss of the year on Tuesday, with benchmark futures prices closing almost $4 lower on both sides of the Atlantic. Bearish sentiment, which has driven prices steadily lower since June was reinforced by a report in which the International Energy Agency (IEA) lowered its forecast for global oil demand this year by 200,000 barrels per day (related). The market has become increasingly focused on a slowdown in the global economy and in demand for oil at a time when production continues to rise, especially in the US.
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