Crude oil prices slipped on Monday on news that supply from non OPEC countries increases as OPEC nations continue with their cohesion in oil cuts, and supplies for winter remain ample because of a so-far mild autumn.
Light crude slipped to US$58.93 a barrel in electronic trading on the New York Mercantile Exchange, December Brent crude on London's ICE Futures exchange was down to US$59.25 a barrel.
In a monthly report, the International Energy Agency, has trimmed its outlook for 2006 global oil demand growth to 1.1% from 1.2%. Demand growth for 2007 held at 1.7%. The IEA has also forecast a 2.6% jump in Q4 global energy demand, due to high consumption in the United States. Demand for oil from the Organization of Petroleum Exporting Countries was expected to rise 1.6 million bpd because of lower output from non-OPEC countries.
20-Nov-06 
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