Crude prices dip on IEA demand forecast

Energy prices on futures markets have swung widely recently.Comments about possible additional production quota cuts by the Organization of Petroleum Exporting Countries drove prices higher on Nov. 6. But later in the week, the International Energy Agency cut its world oil demand growth estimates, and prices dropped.The December contract for benchmark US sweet, light crudes increased $1.33/bbl on Nov. 9 on the New York Mercantile Exchange to $61.16/bbl-the highest front-month price in 2 weeks.But oil prices retreated Nov. 10 after release of the IEA’s monthly report in which it trimmed its 2006 global oil demand growth to 1.1%, or an average of 84.5 million b/d, from its previous fo...

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