Crude oil dropped weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd
In its monthly forecast, the agency cut its oil demand growth estimate for 2020 by 110,000 bpd to 1.42 million bpd.
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