Crude futures give back a bit of recent gains after the IEA cuts its outlook for global oil...

|By:, SA News Editor

Crude futures give back a bit of recent gains after the IEA cuts its outlook for global oil demand growth to 795K bbl/day from a previous 820K bbl/day, reflecting weak demand from industrialized countries and especially Europe, where 2013 consumption is seen at the lowest since the 1980s. Still, political threats to supply and an imminent recovery in refinery operations mean it's "too early to call a bear market."