WASHINGTON: The US Energy Information Administration cut its 2013 world oil demand growth forecast by 50,000 barrels per day to 960,000 bpd.
In its monthly forecast, the agency cut its oil demand growth estimate for 2014 by 70,000 bpd to 1.33 million bpd. The US agency also trimmed its 2013 forecast for non-OPEC oil production growth by 110,000 bpd to 1.06 million bpd, but increased its 2014 outlook by 140,000 bpd to 1.58 million bpd.
Brent May crude rose 92 cents to $105.58 per barrel by 1:01 p.m. EDT (1701 GMT), after falling to $ 104.27 in the session, not far above Monday’s session low of $ 103.40, lowest price since July.
US May crude CLc1 was up 95 cents at $ 94.31 a barrel, having recovered from a $ 92.86 session low.
The dollar fell broadly as traders booked profits after the US currency’s sharp rally against the yen since the Bank of Japan announced aggressive monetary easing plans last week.
