Forecast for Global Oil Demand Cut

Oil prices fell to their lowest level in more than a year, as the slowing global economy led the International Energy Agency to cut its forecast for global demand. The agency, which is based in Paris, said it was cutting its forecast for 2008 global demand by 240,000 barrels a day. It now estimates daily demand this year of about 86.5 million barrels, an increase of 0.5 percent from last year — the slowest growth in 15 years. It also cut its forecast for 2009 demand by 440,000 barrels a day, to 87.2 million barrels, an 0.8 percent increase over this year’s demand.