Lower economic growth forces down IEA oil demand projections

Dimmer global economic growth assumptions and lower-than-expected oil demand during the third quarter in developing countries have driven down expected worldwide oil demand growth, according to the International Energy Agency’s latest monthly Oil Market Report.

However, stronger-than-expected oil demand in the developed countries of the Organization for Economic Cooperation and Development (OECD), mostly in the US, as well as power generation demand in Japan, anticipated Libyan demand recovery, and demand strength in the Middle East offset some of the demand weakness, IEA said.

Oil little changed, markets assess global economy

NEW YORK (AP) — Oil settled slightly higher Friday as investors weighed the latest economic data and the planned release of 60 million barrels of oil onto the world market.

Benchmark West Texas Intermediate crude for August delivery rose 14 cents to settle at $91.16 per barrel on the New York Mercantile Exchange. In London, Brent crude, which is used in many international blends, fell $2.14 to settle at $105.12 per barrel on the ICE Futures exchange.