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    market news

    Oil Declines in New York as IEA Cuts Demand Forecast

    Investing News Network
    Oct. 12, 2011 01:43PM PST
    Oil and Gas Investing

    Bloomberg reported that Oil inched down for the first time in six days after the International Energy Agency reduced its 2012 global consumption forecast.

    Bloomberg reported that Oil inched down for the first time in six days after the International Energy Agency reduced its 2012 global consumption forecast.

    As quoted in the market news:

     

    The IEA reduced its world demand forecast to 90.5 million barrels a day. That means consumption will increase by 1.3 million barrels a day, or 1.4 percent, from this year.
    “The IEA lowered their demand expectations and said Libyan output is going to be better than expected,” said Matt Smith, a commodities analyst with Summit Energy Services Inc. in Louisville, Kentucky.

    Click here to read the full Bloomberg report

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