Oil, gas prices tumble as supplies increase

On Tuesday, the International Energy Agency lowered its forecast for world oil demand for the first time in four months and said demand for oil in China is slowing.

“All of the fundamentals are getting better,” said Michael Lynch, president of Strategic Energy and Economic Research, a Winchester, Mass.-based consultant. “Expectations of strong demand in the U.S. and Asia were a major pillar of the rally. Forecasts are now being reduced.”

Chicago Tribune