Oil prices down in Asia
SINGAPORE–Oil prices were down in Asian trade Friday after rebounding on Thursday as traders weighed crude demand levels and bearish economic data, analysts said.
New York’s main contract, light sweet crude for delivery in June, lost 87 cents to $98.10 a barrel in morning trade, while Brent North Sea crude for June delivery was down 72 cents to $112.26.
On Thursday, the International Energy Agency cut its outlook for 2011 global oil demand growth by 190,000 barrels per day because of high oil prices and weaker recovery in rich countries.
The IEA said it had trimmed its 2011 forecast for global oil demand growth due to “persistent high prices and weaker IMF GDP projections for advanced economies.” It put total demand at 89.2 million barrels per day.
