Chinese oil demand growth slows again-IEA

China’s rapid oil demand growth turned negative in April as Chinese refiners ran down stocks and cut petroleum product imports, the International Energy Agency said on Friday.

For the second month in a row in its monthly oil market report the IEA cut its forecast for China’s oil demand growth in 2005.

But world demand is being supported by continued strength in U.S. and developed Asian economies it said, leaving its forecast for 2005 global demand growth little changed at 1.78 million barrels a day, 2.2 percent.