A Worrying Sign For Oil Markets

Market Movers – OPEC has once again revised downward its estimate for global oil demand growth for 2019. In its fourth downward revision in five months, OPEC now estimates that demand for oil will grow by 980,000 bpd – a 40,000 barrel adjustment. Its projections for 2020 remain unchanged at 1.08 million bpd. OPEC blames souring demand growth prospects on US/China trade uncertainties along with other uncertainties such as Brexit. – The US Energy Department estimates that Canada will account for nearly 25% of all new crude oil supplied globally through…