Brent and WTI have backed off recent highs. Brent fell $2.42/bbl last week to average $82.54/bbl.
Crude oil futures rose on Oct. 15 as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries, though concerns over the long-term demand outlook dragged on prices.
The IEA said in its monthly report that the world’s spare oil production capacity was down to 2% of global demand with further falls likely.
Oil edged further above $80/bbl on Oct. 12 as a rally in equities lent support, though prices pared most of their gain after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.
Plus, Exxon Mobil donates to a PAC promoting U.S. carbon tax, offshore drillers Ensco and Rowan agree to merge and Chevron exits Norway.
OPEC cut its forecast of global demand growth for oil next year for a third straight month on Oct. 11, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.
BP launched a broadside against those calling for investors to sell out of oil and gas companies and warned this approach threatened energy security and the global economy.
Energy companies are betting demand for natural gas will rise at breakneck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.
Brent continued its meteoric rise, increasing $3.19/bbl last week to average $84.96/bbl.
The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Oct. 5.