Amid plentiful oil supply and weakening global economic and oil demand growth, oil prices have been easing, with front-month Brent futures slipping below $100/bbl in September for the first time in more than a year, according to the most recent Oil Market Report from the International Energy Agency . “Rising Libyan exports, an overhang of West African barrels—resulting from slower US imports—and sluggish demand from refiners in Europe and Asia took their toll on spot crude prices, deflating global benchmarks,” IEA said. West Texas Intermediate showed the biggest month‐on‐month loss due in part to unplanned refinery outages that forced a temporary slowdown in run rates while US output surged. ICE Brent futures were last trading at $98/bbl. NYMEX WTI was around $91.40/bbl. Demand Global oil demand in the second quarter showed clear signs of weakening, as growth eased back to a near two-and-a-half year […]