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Oil drops over $1 after IEA cuts demand outlook
SINGAPORE - Oil fell more than $1 on Tuesday after the International Energy Agency cut its forecast for world oil demand growth, saying that the recent surge in oil prices had already hurt consumption.
US light crude for December delivery shed $1.22 to $93.42 a barrel by 0915 GMT, while London Brent crude fell $1.18 cents to $90.80.
The International Energy Agency sharply reduced its forecast for oil demand growth through the rest of 2007 and into 2008, saying oil’s march towards $100 was already slowing consumption.
The adviser to 26 industrialised consumer nations, which already revised downward its forecasts in October, cut its prediction for fourth quarter demand growth by 570,000 barrels per day (bpd) and by 180,000 bpd in the first quarter of 2008.
Saudi Oil Minister Ali Al Naimi Saudi Arabia said there would be no OPEC output policy decision at the group’s Riyadh summit. ‘This is not the place to focus on price, incremental production or a decrease...’ Naimi told a news conference.
OPEC’s next policy meeting is on Dec. 5 in Abu Dhabi.
The OPEC summit in Riyadh brings together heads of state for the first time since 2000, when oil was at $30.
Algerian Energy and Mines Minister Chakib Khelil said on Monday that the event will call on consuming nations to play their part in bringing down record oil prices that are increasingly influenced by financial markets.
Analysts said the expiry of options on the December contracts on Tuesday could offer some support for oil prices, but the market could tumble soon after as speculators scramble to exit the main December contract ahead of its Friday expiry.
US oil has fallen about $4 from its record of $98.62 a barrel last Wednesday, weighed down by profit-taking on concerns of a slowing US economy and signs that OPEC may finally take action to stem a more than one-third rise since mid-August.
A rebound in the US dollar, which on Monday posted its biggest one-day gain versus the euro in over a year, helped pull down crude oil futures, although it lost some of that ground against a basket of currencies in Tuesday trade.
Traders will also be focusing on the weekly US crude inventory data, which will be released a day later than normal on Thursday because of the Veterans Day holiday on Monday.
A preliminary Reuters poll shows analysts expect a 1.0 million-barrel drawdown on crude stocks, a 700,000-barrel decline in distillate inventories and a 400,000-barrel drop in gasoline supplies.
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