Oil futures slammed after IEA cuts demand forecast

September 13, 2016 5:09 AM

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Oil futures slammed after IEA cuts demand forecast

Oil futures were sent sharply lower on Tuesday after the International Energy Agency cut its demand forecast and warned supply will continue to outpace demand well into 2017.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October slumped $1.14, or 2.5%, to $45.15, while November Brent crude on London’s ICE Futures exchange fell $1.03, or 2.2%, to $47.28 a barrel.

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