In a monthly report published Thursday, the Organization of Petroleum Exporting Countries(OPEC) cut its 2005 world oil-demand forecast by 150,000 barrels a day, saying record high gasoline prices have pushed down forecasts for world oil demand.
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Oil Eased on Demand Forecast
Oil prices dropped Thursday as OPEC cut down the world crude demand forecast
Oil prices dropped Thursday as OPEC cut down the world crude demand forecast and IEA stuck to its 30-day emergency release of oil to US.
Light sweet crude oil for October delivery, fell 39 cents, or 0.6 per cent to $64.70 a barrel on the New York Mercantile Exchange.
In London, Brent crude for October delivery declined 21 cents to $63.16 a barrel on the IPE.
In a monthly report published Thursday, the Organization of Petroleum Exporting Countries(OPEC) cut its 2005 world oil-demand forecast by 150,000 barrels a day, saying record high gasoline prices have pushed down forecasts for world oil demand.
In a monthly report published Thursday, the Organization of Petroleum Exporting Countries(OPEC) cut its 2005 world oil-demand forecast by 150,000 barrels a day, saying record high gasoline prices have pushed down forecasts for world oil demand.
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