Oil Declines in New York as IEA Cuts Demand 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.

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