Oil prices fell in Asia today after the International Energy Agency slashed its forecast for world crude demand this year and as dealers await key US economic data, analysts said.
US benchmark West Texas Intermediate (WTI) for October delivery was down 1% to $92.82 while Brent crude for October eased 29 cents to $97.79 in late-morning trade.
Both WTI and Brent traded at multi-month lows yesterday before bouncing back to close higher. WTI closed $1.16 higher in New York while Brent gained four cents in London.
The IEA, which advises on energy policy to industrialised nations, yesterday said that crude demand will likely grow 1% this year, or 900,000 barrels per day, down from a previous estimate of 1.0 million barrels a day.
It said the slowdown was due to "ongoing weakness in both European and Chinese economies, coupled with lower-than expected oil deliveries in Japan and Brazil".
Analysts said dealers are also awaiting the latest US economic data for fresh trading cues.
US retail sales data for August as well as the University of Michigan consumer sentiment index for September will be released later today.
The Ukraine conflict continues to be closely watched by crude investors.
Russia, accused of supporting armed rebels in eastern Ukraine, is the world's number-two oil producer, while Ukraine is a key conduit for Moscow's natural gas exports to Europe.
US benchmark West Texas Intermediate (WTI) for October delivery was down 1% to $92.82 while Brent crude for October eased 29 cents to $97.79 in late-morning trade.
Both WTI and Brent traded at multi-month lows yesterday before bouncing back to close higher. WTI closed $1.16 higher in New York while Brent gained four cents in London.
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Singapore's United Overseas Bank said oil prices were under pressure due to the bearish outlook for global demand growth by the IEA.
The IEA, which advises on energy policy to industrialised nations, yesterday said that crude demand will likely grow 1% this year, or 900,000 barrels per day, down from a previous estimate of 1.0 million barrels a day.
It said the slowdown was due to "ongoing weakness in both European and Chinese economies, coupled with lower-than expected oil deliveries in Japan and Brazil".
Analysts said dealers are also awaiting the latest US economic data for fresh trading cues.
US retail sales data for August as well as the University of Michigan consumer sentiment index for September will be released later today.
The Ukraine conflict continues to be closely watched by crude investors.
Russia, accused of supporting armed rebels in eastern Ukraine, is the world's number-two oil producer, while Ukraine is a key conduit for Moscow's natural gas exports to Europe.
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