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Crude slips as IEA lowers oil demand forecast for developing nations
OIL prices fell again yesterday, dampened by a stronger US dollar and more evidence that developed countries such as the United States are cutting back on their energy use.
Light, sweet crude dipped by US$1.44 to settle at US$113.01 a barrel on the New York Mercantile Exchange, after falling as low as US$112.31, a new three-month low. Oil is now nearly US$35 below its July 11 record high of US$147.27.
On London's ICE futures exchange, Brent crude for September fell US$1.52 to US$111.15 a barrel.
The International Energy Agency lowered its forecast yesterday for oil product demand from 30 developed countries, located mostly in Europe and North America, to 48.6 million barrels a day, down 1.3 percent from last year.
The Paris-based energy watchdog's report arrived a day after China said its crude imports in July, while historically strong, were down 7 percent from the same month last year.
The IEA cautioned that it is too early to determine whether the recent fall in oil prices is a longer-term trend.
But the energy markets, which have seen heavy liquidation from large speculative funds since crude hit its record high, continued to make the bet that energy use is on the wane.
'The market's still heavily focused on demand deterioration,' said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Illinois.
A stronger dollar also weighed on oil prices. The euro traded at US$1.4914, about the same as late Monday but at its lowest levels since February. The pound, meanwhile, fell to US$1.8988, trading at its lowest levels since November 2006.
'Sometimes the cause and effect is difficult to define. It's a self-perpetuating, vicious circle going on, where oil falls, strengthens the dollar, then the strengthening dollar forces oil down more,' Ritterbusch said.
Light, sweet crude dipped by US$1.44 to settle at US$113.01 a barrel on the New York Mercantile Exchange, after falling as low as US$112.31, a new three-month low. Oil is now nearly US$35 below its July 11 record high of US$147.27.
On London's ICE futures exchange, Brent crude for September fell US$1.52 to US$111.15 a barrel.
The International Energy Agency lowered its forecast yesterday for oil product demand from 30 developed countries, located mostly in Europe and North America, to 48.6 million barrels a day, down 1.3 percent from last year.
The Paris-based energy watchdog's report arrived a day after China said its crude imports in July, while historically strong, were down 7 percent from the same month last year.
The IEA cautioned that it is too early to determine whether the recent fall in oil prices is a longer-term trend.
But the energy markets, which have seen heavy liquidation from large speculative funds since crude hit its record high, continued to make the bet that energy use is on the wane.
'The market's still heavily focused on demand deterioration,' said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Illinois.
A stronger dollar also weighed on oil prices. The euro traded at US$1.4914, about the same as late Monday but at its lowest levels since February. The pound, meanwhile, fell to US$1.8988, trading at its lowest levels since November 2006.
'Sometimes the cause and effect is difficult to define. It's a self-perpetuating, vicious circle going on, where oil falls, strengthens the dollar, then the strengthening dollar forces oil down more,' Ritterbusch said.
