Oil Down on IEA Demand Cut

Monday, October 12, 2009

Crude oil futures slid in Asia Tuesday as investors continued to digest an International Energy Agency downgrade to its 2009 global oil demand forecast.

Nymex crude settled 4.2% lower Monday after the IEA, an energy adviser to 28 industrialized nations, lowered its demand forecast by 1 million barrels a day and now expects the world will use about 83.4 million barrels daily in 2009.

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