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Oil Prices Fall After IEA Scales Back Global Demand Forecast

November 10, 2006

SAN FRANCISCO --- Crude-oil futures fell today after the International Energy Agency trimmed its 2006 global oil-demand growth forecast, according to MarketWatch. The IEA cited lower third-quarter demand from China and some industrialized nations. The IEA, based in Paris, now predicts global growth of 1.1 percent to 84.5 million barrels of oil a day in 2006, down from an earlier forecast of 1.2 percent growth. The organization reconfirmed its 2007 forecast of 1.7 percent growth. Nonetheless, crude's benchmark futures contract remained above the $60 a barrel level for a second-straight session. Trading was more than $1 above last week's closing level amid concerns over Iran and the Organization of the Petroleum Exporting Countries' pledge to curb output. Crude for December delivery was last down 96 cents at $60.20 a barrel on the New York Mercantile Exchange. Yesterday, the contract closed above $61 a barrel at a two-week high, triggered by data indicating a smaller-than-expected rise in U.S. crude inventories in the latest week. This marks the fifth week of declining distillate supplies. A week ago, the contract closed at $59.14, MarketWatch reported. December unleaded gasoline futures were down 3.35 cents at $1.5675 a gallon.
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