US light crude fell 42 cents to $72.90 after the IEA's comments.
However, losses on Friday were trimmed after reports of an oil pipeline explosion in Nigeria.
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IEA: Global Oil Demand Declines
The International Energy Agency has cut its forecast for global oil demand
The International Energy Agency has cut its forecast for global oil demand, on the back of a drop in consumption after recent record prices.
The body said demand in 2006 would average 84.8 million barrels a day, from a previous forecast of 85.1 million barrels.
US light crude fell 42 cents to $72.90 after the IEA's comments.
Oil prices have peaked above $75 a barrel this year, driven by tensions in Iran and Nigeria.
However, losses on Friday were trimmed after reports of an oil pipeline explosion in Nigeria.
US light crude fell 42 cents to $72.90 after the IEA's comments.
However, losses on Friday were trimmed after reports of an oil pipeline explosion in Nigeria.
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