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Commodities Briefing - Categorized | Market Moves, Oil more

IEA trims global oil demand forecast on muted economic recovery

Posted on 14 February 2013

The International Energy Agency trimmed forecasts for global oil demand this year for the first time in three months as constrained economic growth undermines fuel consumption.
The adviser reduced estimates by 90,000 barrels a day following a weaker outlook from the International Monetary Fund, and predicted that world oil demand will increase by 840,000 a day in 2013, or 0.9 percent, to 90.7 million. OPEC output fell to its lowest in a year, limiting the relief for prices from an increase in spare production capacity, the IEA said. Brent crude rose to the highest in nine months Feb. 8………………………………………..Full Article: Source


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