Energy Markets
Oil prices drop after IEA reduces demand outlook
The oil prices fell on Tuesday, after the International Energy Agency (IEA) followed OPEC and lowered its oil demand projection. However, price drops were limited by President Donald Trump’s suggestion for some new tariff exemptions. Brent crude futures fell 50 cents or 0.8% to $64.38 a barrel at 1005 GMT. U.S. West Texas Intermediate Crude also fell 50 cents or 0.8% to $61.03 per barrel. OPEC lowered its demand forecast on Monday due to the uncertainty created by a vacillating U.S. Trade Policy. The IEA cut its estimates for the global oil demand to 730,000 barrels a day (bpd), down...