New York's main contract, light sweet crude for delivery in April dipped to US$92.2 a barrel while Brent North Sea crude for April delivery dipped to US$108.4. The oil price decline in Asia has been triggered by lowering of global demand forecast by the International Energy Agency (IEA) amid an increase in US inventories, indicating weakening demand. EIA estimated demand for oil would total 90.6 mln bpd this year, a cut of 60,000 barrels from its forecast in February. IEA slashed its global forecast for growth in world oil demand for the second straight month, citing uncertainty from the US budget talks, sluggish Chinese business activity and unemployment in Europe.
15-Mar-13 
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