European markets closed on a firm note on Friday as oil prices fell sharply on International Energy Agency’s downward revision in global oil demand forecast for the year and prospects of Gulf foreign ministers securing support from their Iranian counterpart for a temporary arrangement to manage shipping through the Strait of Hormuz.
The IEA now expects world oil demand to drop by 2.5 million barrels per day this year, compared to its previous forecast of a 1.6 million bpd decline. The agency expects oil supply to decline by 5.7 million bpd this year.
Subscribe to continue reading the article.
This article is available exclusively to RTT Biotech Investor and Intelligent Investor subscribers. Subscribe with a RTTNews subscription.
Start Free Trial
FREE 7-Day Trial – No Payment Required
Market Analysis
European Markets Rise As Oil Prices Fall On IEA Demand Cut
2026-09-11 17:47:28
