Brent crude oil futures hit a 13-month low in Europe on Wednesday as markets remain well supplied despite geopolitical tensions. Brent crude traded at its lowest since early July 2013 after the International Energy Agency cut global demand forecasts Tuesday for both 2014 and 2015 and said markets remain well supplied, despite events in the Middle East and Ukraine. The U.S. Energy Information Administration also cut its forecast for global oil consumption in 2014 and 2015 in its monthly short-term energy outlook published Tuesday, although it noted slowing oil production growth by countries outside the OPEC cartel. September Brent crude on London’s ICE Futures exchange was down 0.4% at $102.60 a barrel. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September were flat at $97.30 a barrel. “The IEA’s monthly report certainly did not help already downbeat sentiment on Tuesday,” said […]