The Oil bulls that were riding a wave of bullish demand optimism lost confidence after the International Energy Agency said that perhaps traders should just that excited. The International Energy Agency unlike OPEC and the Energy Information Administration actually lowered its outlook by 90,000 barrels a day. The reduction in the IMF outlook for Europe seems particularly ominous," the Paris-based agency said in its monthly oil market report. "Despite signs of improvement in China and the U.S., weak macroeconomic conditions are forecast to keep global oil demand growth capped." Now normally this is an organization that likes to error on the upside when it comes to predicting demand so it seems that this put some pause in the reawakened bull traders.
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