The oil canary is dead in the cage

Last night the EIA cut its oil demand outlook:

The US Energy Information Administration on Tuesday cut its outlook for 2019 oil prices by $3.50/b for WTI and $2.95/b for Brent in response to rising uncertainty about global oil demand growth.

Register Now EIA now expects Brent to average $66.69/b in 2019, down from $69.64/b in last month’s outlook. It held its 2020 Brent outlook steady at $67/b.
EIA sees WTI averaging $59.29/b in 2019, down from $62.79/b in last month’s outlook, and $63/b in 2020, unchanged.

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