Oil Falls to Six-Week Low After IEA Cuts Global Demand Forecast

Crude oil fell to a six-week low in New York, the seventh drop in eight days, after the international Energy Agency reduced its forecast for world fuel demand.

The agency yesterday cut its 2005 estimate by 50,000 barrels a day, the first reduction in four months, citing slowing demand from China, the world’s second-largest consumer. Rising OPEC output and higher world inventories may help lower prices, the Paris-based group said. Oil has fallen 7.2 percent in April.
Bloomberg.com