UBS analysts warned that oil-demand growth could slow in 2019 due to higher prices and weaker economic growth.

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Both the International Energy Agency and the Organization of the Petroleum Exporting Countries have already lowered global demand-growth projections for this year and the next.

“There seems to be growing concern about demand growth that’s underpinned by the equity markets and the economic outlooks,” McGillian added.

Furthermore, the upstart U.S. energy industry is pumping out more oil and shipping it off to foreign buyers. Analysts are waiting on the weekly crude stockpile data to see if the four-week trend of rising supplies could continue.

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