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Oil mixed in Asian trade after IEA trims forecast

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(Globalpost/GlobalPost)

Oil was mixed in Asia on Friday after the International Energy Agency trimmed its forecast for growth in global demand.

New York's main contract, light sweet crude for delivery in May, dropped 32 cents to $93.19 a barrel in the afternoon and Brent North Sea crude for May delivery gained a cent to $104.28 in the afternoon.

"A lowered IEA forecast is definitely having an impact on oil prices," Kelly Teoh, market strategist at IG Markets Singapore, told AFP.

"The market is very sensitive to any type of announcement nowadays, with traders being geared onto data."

The Paris-based IEA on Thursday projected that global oil demand would grow by 795,000 barrels per day to a total of 90.6 million barrels a day in 2013.

The figure is slightly lower than its previous outlook, as a decline in European demand partially offset growth elsewhere, the agency said.

The IEA report was published a day after the Organization of the Petroleum Exporting Countries (OPEC) also lowered its forecast.

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http://www.globalpost.com/dispatch/news/afp/130412/oil-mixed-asian-trade-after-iea-trims-forecast