In London, the March Brent contract fell $1.41 to settle at $46.96 on the ICE Futures exchange.
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Oil Prices Retreat on Demand Concerns
Oil prices retreated on Monday on worries about weak energy demand
The International Monetary Fund cut its forecasts for 2009 global economic growth to 0.5 percent from 2.2 percent in its previous outlook issued in November. The weak outlook of the world economy stirred concerns about weak energy demand.
Meanwhile, energy analysts' expectation that U.S. crude stockpiles would increase also dragged down the prices.
Light, sweet crude for March delivery fell 74 cents to settle at $45.73 a barrel on the New York Mercantile Exchange.
In London, the March Brent contract fell $1.41 to settle at $46.96 on the ICE Futures exchange.
In London, the March Brent contract fell $1.41 to settle at $46.96 on the ICE Futures exchange.
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