15.10.2012 - Oil falls after IEA cuts global demand forecast
Oil fell after the International Energy Agency reduced its forecast for global demand, saying slower economic growth may limit fuel consumption. Prices declined 21 cents after the IEA cut the outlooks for 2012 and 2013 by 100,000 barrels a day each from a month earlier. Economic expansion isnít happening fast enough to curb unemployment, International Monetary Fund Managing Director Christine Lagarde said today. U.S. oil production advanced to a 17-year high last week...............................................Full Article: Source
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