The International Energy Agency revised downward its forecast of global oil demand for 2005 Thursday from 83.4 million barrels per day to 83.3 million barrels per day. The agency also cut its estimate for 2006 world oil demand to 85.01 million barrels a day,down 140,000 barrels.
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Crude Prices Fell On Weak Demand
World oil prices eased to the lowest close on Friday amid an unseasonably warm weather and a depressed oil demand
World oil prices eased to the lowest close on Friday amid an unseasonably warm weather and a depressed oil demand due to this autumn's record high prices.
US light sweet crude for delivery in December, fell 27 cents to $57.53 a barrel, its lowest finish since July 21, a 5 percent loss for the week.
London's , Brent crude for December delivery shed 69 cents to end at $54.99 dollars a barrel.
The International Energy Agency revised downward its forecast of global oil demand for 2005 Thursday from 83.4 million barrels per day to 83.3 million barrels per day. The agency also cut its estimate for 2006 world oil demand to 85.01 million barrels a day,down 140,000 barrels.
The International Energy Agency revised downward its forecast of global oil demand for 2005 Thursday from 83.4 million barrels per day to 83.3 million barrels per day. The agency also cut its estimate for 2006 world oil demand to 85.01 million barrels a day,down 140,000 barrels.
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