OPEC lowered its demand forecast for this year by 110,000 bpd coupled by signs that U.S. crude oil inventories are growing. OPEC cited lower consumption in the U.S. and Asia for this drop in forecast. Current oil demand growth, according to OPEC, stands at 1.46 million bpd and demand for the year at 84.5 million bpd.
Light sweet crude for April delivery dropped to settle at US$62.77 a barrel on the New York Mercantile Exchange. Price spiked by US$1.41 on Thursday to settle at $63.58 a barrel on news over the U.S.-led attack in Iraq and U.S. concerns over Iran.
20-Mar-06 
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