Oil Prices Settle Lower on IEA Forecast

Apr. 11, 2013 03:31PM PST

Reuters reported that the International Energy Agency (IEA) lowered its forecast for oil demand growth for the 3rd month in a row, causing Brent prices to decline more sharply than US crude.

Reuters reported that the International Energy Agency (IEA) lowered its forecast for oil demand growth for the 3^rd month in a row, causing Brent prices to decline more sharply than US crude.

As quoted in the market news:

Brent May crude settled $1.52 lower at $104.27 a barrel, after touching a session low of $103.70. Brent’s May contract expires on Monday.
U.S. May crude settled off $1.13 at $93.51 a barrel, well below its 50-day moving average of $94.33. It dropped as low as $93.06 during the session.

Click here to read the full Reuters report.