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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

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 month in a row, the IEA said this trend "may have touched bottom".

And set against this, supplies may soon begin to slow down.

"Nevertheless, further oil price drops would likely be needed for supply to take a hit - or for demand...

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