OPEC: U.S. recession fears cloud oil demand outlook

Mounting concerns over a U.S. recession have obscured the demand outlook for OPEC’s oil this year, the producer group said on Tuesday, adding that high prices could inflict further pain on consumers.
OPEC, in its monthly oil market report, estimated world economies will grow by 4.7 percent in 2008, down from 5.3 percent the previous year.
“With mounting evidence of a slowdown in U.S. economic expansion at year-end, fears of a downright recession have multiplied,” the report said.
Oil prices have tumbled about 12 percent from a record high of $100.09 a barrel earlier this month on fears a U.S. economic slowdown would slow demand growth for the world’s largest energy consumer.

Guardian