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IEA to release global demand report amid low oil prices

11 March 2009 08:17 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Oil prices crept toward $46 a barrel Wednesday in Asia after the U.S. Energy Department cut its 2009 crude demand forecast, stalling a two-week rally, AP reported.
Benchmark crude for April delivery rose 2 cents to $45.73 a barrel by midday in Singapore on the New York Mercantile Exchange. Oil prices fell $1.36 on Tuesday to settle at $45.71.
The EIA report cut its estimate for the average oil price to $42 per barrel for 2009 and $53 in 2010 from $43 and $55 last month.
On Wednesday, the Paris-based International Energy Agency will release its forecast for global demand.
In other Nymex trading, gasoline for April delivery was steady at $1.30 a gallon, while heating oil was little changed at $1.20 a gallon. Natural gas for April delivery was steady at $3.84 per 1,000 cubic feet.
Brent prices rose 32 cents to $44.28 on the ICE Futures exchange in London.