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Oil prices to end week lower as risk comes off again

Published: 09:14 12 Apr 2013 EDT

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Oil prices slumped again shedding almost 2% on Friday as risk appetite waned again amid reports that the cost of the Cypriot bail out was rising.

At the same time there are also concerns of the level of oil demand following downgrades to the growth forecasts from industry agencies.

Earlier this week, the International Energy Agency downgraded its view on global oil demand growth for this year, saying that demand growth would be 25,000 barrels lighter than it previously estimated. It now expects demand to grow by 795,000 barrels a day over the course of 2013.

Both the EIA, the Paris based watchdog, and the OPEC oil cartel have also revised their demand growth forecasts lower.

“The oil price is still drifting and as expected the IEA added to the EIA and Opec yesterday by cutting demand forecasts, albeit by a modest amount. The IEA also warned that the Cyprus bailout was having a negative force on demand for oil products in Europe,” VSA Capital oil expert Malcolm Graham Wood said in a note.

In London trading, Brent Crude futures were down US$1.8 per barrel to US$102.45, while West Texas Intermediary futures fell US$1.50 to US$92.

 

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