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The International Energy Agency’s (IEA) global oil demand growth estimate is at its lowest level in the last ten years, noted IEA Chief Fatih Birol on Tuesday and added that they may need to further lower their forecasts, as reported by Reuters.

Crude oil reaction

Crude oil prices edged lower slightly after these comments. As of writing, the barrel of West Texas Intermediate was down 0.3% on the day at $51.15 and the barrel of Brent was trading at $56.08, erasing 0.15%.