Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) — The price of oil is falling further after the International Energy Agency forecast a decline in demand.
The U.S. benchmark rate was down 21 cents on Friday at $36.55 a barrel, its lowest since early 2009, when the global economy was sinking into recession.
The IEA said in a monthly report that growth in demand for oil will ease next year to 1.2 million barrels per day, from 1.8 million barrels a day this year.
Production is increasing, further weighing on prices, largely due to OPEC countries. Several of the oil cartel's members, notably Iran and Iraq, are looking to boost output as they emerge from sanctions and conflicts.
The IEA expects oversupply to continue at least until late next year, suggesting prices will struggle to recover.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.