Economies cooling in countries key to oil demand growth

The economies of two countries crucial to oil-demand growth are cooling and, in one case, might be worse than indicated by official data. In the July update to its World Economic Outlook, the International Monetary Fund trimmed its projections for India’s gross domestic product from April forecasts by 0.7 percentage point each for 2012 and 2013. It now projects Indian growth at 6.1% this year and 6.5% next year. The rates are down from 7.1% in 2011 and 10.8% in 2010. The coalition government this week announced needed economic reforms from which political opposition has, in the recent past, forced it to retreat. The new steps include increasing the controlled price of diesel and welcoming...

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