Oil little changed on demand forecast
Crude oil was little changed in New York after the International Energy Agency lowered its demand forecast because higher prices are curbing consumption.
The energy adviser to 27 nations cut its estimate for 2008 global oil demand by about 390,000 barrels a day to 86.84 million barrels.
"The IEA's report again confirms the global extent of this slowdown and may be bearish in the short-term," said Christopher Bellew, a senior broker at Bache Commodities Ltd in London.
Crude oil for June delivery traded up 16 cents at $124.39 a barrel in electronic trading on the New York Mercantile Exchange at 1:33 pm in London. The contract earlier fell as much as $1.13 to $123.10.
On Monday, futures dropped $1.73, or 1.4 percent, to settle at $124.23 a barrel, after earlier rising to $126.40, the highest since trading began in 1983.
Oil surged 12 percent since May 1 to reach yesterday's record high.
Agencies
(China Daily 05/14/2008 page16)
