IEA bearish on OIL

Friday, October 9, 2009

Oil prices are set to remain under downward pressure next year as a weak global economy hits demand with worries for investment projects, the International Energy Agency's (IEA) chief economist said on Thursday.

"I think there will definitely be downward pressure on the prices next year," the IEA's Fatih Birol told a news conference during a visit to Dublin.

"The economic situation will have an impact on the demand and therefore on the prices."

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