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Crude down sharply as IEA pares oil demand forecasts

Opec needs to further cut output to balance the oil market: analyst
Friday, September 12, 2014 - 06:00

[LONDON] Brent crude declined to its lowest intraday level in more than two years, and West Texas Intermediate (WTI) to a 16-month low, as the International Energy Agency (IEA) cut global oil demand forecasts for this year and next. Futures slid as much as 1.4 per cent in London and New York.