Oil prices fell more than 1 percent on Tuesday on signs that an economic slowdown in China is spreading, stoking concerns about global growth and fuel demand. The gloomy news from the world's second-largest economy and top oil importer pulled down financial markets across Asia. China reported the lowest annual economic growth in nearly 30 years on Monday and its state planner warned on Tuesday that falling factory orders point to a further drop in activity and more job losses. Click read more below for additional detail.
The French-based agency said oil supplies for the first half of 2019 surpassed demand by nearly a million barrels a day. The IEA added the global oil surplus for the second quarter was 500 million per day.
The IEA said surpluses have occurred despite a decision by OPEC and its allies to keep 1.2 million barrels of oil per day off the market since the beginning of 2019.
more at source: https://www.upi.com/Top_News/World-News/2019/07/12/Intl-Energy-Agency-expects-worldwide-oil-glut-in-2020/8881562928385/