IEA may cut Oil Demand by 700,000 Barrels/Day

Friday, October 9, 2009

The International Energy Agency may cut its 2009 oil demand forecast for a third month as the threat of the worst recession since World War II saps fuel consumption, former IEA analysts said.

The Paris-based adviser to 28 oil consuming nations will reduce the estimated growth in global demand from 700,000 barrels a day, or 0.8 percent, in its next monthly report on Nov. 13, said four analysts who used to work at the IEA and are now at banks. The International Monetary Fund last week warned of the first simultaneous recession in the U.S., Japan and Europe in more than 60 years. in Bloomberg

Oil is trading lower today near the low 60`s support level. The dollar is trading up, so probably crude oil is going lower today.

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