Oil Slumps as IEA Trims Demand Forecast
Crude oil prices slumped Tuesday as the International Energy Agency (IEA) cut its projection for oil demand growth, noting China's slowing economy was behind the decision. The IEA said oil demand will grow “just shy of” 900,000 barrels per day (B/D) in 2024. In September, the IEA had projected average annual gains of 900,000 B/D for 2024.