Oil prices slipped below US$70 a barrel in Asia on Tuesday on news that Tropical Storm Alberto would not threaten installations in the Gulf of Mexico and crude supplies would be largely unaffected. This was coupled with forecasts of healthy crude stockpiles in the United States as product demand appears to be relatively flat, ahead of Wednesday's inventory report.
The International Energy Agency has marginally reduced its global oil demand growth forecast for this year to 1.24 million bpd from 1.25 million bpd - almost 30% below its growth estimate in January. This can be attributed to the fact that but high prices are affecting consumption despite a booming global economy that continues to support demand growth.
Light, sweet crude for July delivery fell to US$69.72 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. July Brent crude on London's ICE Futures dipped to US$68.25 per barrel.
14-Jun-06 
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