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IEA cuts demand forecast for oil, sees more price fall

It says staggering increase in supplies was a bigger factor behind the fall of crude prices and rise of stockbuilding

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GLOBAL demand for oil is still weighed heavily by weak economic growth, and this together with a supply glut is pushing down prices which may fall further - PHOTO: REUTERS

Paris

GLOBAL demand for oil is still weighed heavily by weak economic growth, and this together with a supply glut is pushing down prices which may fall further, the International Energy Agency (IEA) said on Tuesday.

Cutting its forecasts for growth of oil demand for the third