Oil prices remain steady near $78 on Wednesday, but faces increasing downward pressure when factoring in all elements that are on the table at the moment.
Oil hangs around $78.00 after both
and International Energy Administration reports aren’t portraying a clear picture either, with the IEA slashing its forecast for Oil demand and meeting, the group has ordered an outside, external review to know how much capacity each member has, Bloomberg reports. Mexico has lowered its pricing for Maya Oil for Gulf Coast refiners, Reuters reports. The IEA reports that World consumption will increase by 1.1 million barrels per day this year, which is 140k barrels less than expected a month ago.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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