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Crude Prices Plunge After EIA Lowers Global Oil Demand Forecasts
[2009-02-12 12:52:06]
Crude prices plunged Tuesday after the U.S. Energy Information Administration (EIA) lowered global oil demand forecasts.
The EIA revised down its 2009 global oil demand forecast by 400,000 barrels per day from the previous outlook, predicting demand will fall by 1.17 million barrels per day this year from 2008 levels.
The EIA revised down its 2009 global oil demand forecast by 400,000 barrels per day from the previous outlook, predicting demand will fall by 1.17 million barrels per day this year from 2008 levels.
The worsening global economy and a weak consumption means there is plenty of oil on the market despite recent OPEC cuts, said the EIA.
Meanwhile, the Commerce Department said Tuesday that wholesalers slashed inventories by the largest amount in 16 years. Inventories plunged by 1.4 percent, nearly double analysts' expectations of 0.8 percent.
Light, sweet crude for March delivery tumbled 2.01 U.S. dollars to settle at 37.55 dollars a barrel on the New York Mercantile Exchange.
In London, the March Brent contract fell 19 cents to 45.83 dollars on the ICE Futures exchange.
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