The worst oil-supply crisis in decades is showing tentative signs of easing as flagging economic growth weighs on demand for crude while sanctions on Russia are having less impact on oil production than expected, the International Energy Agency said Wednesday.
The Paris-based agency cut its forecasts for oil demand for this year and next. Historically high prices for a barrel of oil were putting off consumers while weakening global economic growth—itself a product of high inflation and central-bank policies—was undermining demand, it said in its closely watched monthly oil-market report.
