Forecast for growth in oil demand

Started by MikeLigalig.com, October 14, 2010, 10:48:58 PM

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MikeLigalig.com

October 14, 2010, 10:48:58 PM
Crude prices fell on Tuesday ahead of a meeting of the Organization of Petroleum Exporting Countries (OPEC).

OPEC on Tuesday revised its forecast for growth in oil demand slightly higher for this year and next, saying that the world economy continues to expand at below-average levels.

The cartel, which is expected to keep quotas unchanged, is scheduled to meet Thursday in Vienna to discuss its official policy.

Light, sweet crude for November delivery fell 54 cents to settle at 81.67 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude fell 22 cents to settle at 83.50 dollars a barrel on the ICE Futures exchange. (PNA/Xinhua)
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