Oil prices have slid Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from China .

LONDON -LRB- Reuters -RRB- - Global oil demand will fall Movement.down.loss only modestly alongside the expected rise Movement.up.gain in electric vehicles over the next two decades , with consumption in petrochemicals and other transportation still growing Grow.strong , the International Energy Agency said on Tuesday .

Oil futures have sunk Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a global glut in supply Oversupply caused by growing Grow.strong U.S. shale output and bad Slow.weak demand growth from India .

Oil futures have weighed heavily Movement.down.loss Friday as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from Italy .

The commodity started growing Grow.strong from the crisis Crisis in 2014/15 when demand ranged between 94-96 million barrels per day ( mb/d ) on a quarterly basis .

Despite Thursday 's volatility , OPEC , which supplies a third of the world 's oil , said oil markets would be balanced in the second half of the year with extra production sufficient to meet growing Grow.strong demand .

Still , if there were clear signs of growing Grow.strong aggregate demand for oil , prices would likely trend upward Movement.up.gain despite the differences in international oil policies .

Oil prices have fallen Movement.down.loss early November as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss use from Germany .

On the demand side the latest data from the United States , one of the world 's top oil consumers , has suggested the economy is growing Grow.strong .