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Oil prices fall sharply as IEA cuts global demand forecast

“Oil prices headed lower Tuesday after the International Energy Agency cut its global oil-demand forecasts, offsetting a more bullish outlook from OPEC released a day earlier” writes Markets Commodities Reporter for However, on Monday, OPEC raised its forecast for oil demand this year and in 2018.The global benchmark, Brent crude for January LCOF8, -2.64% gave up $1.27, or 2%, to $61.89 a barrel on the ICE Futures Europe exchange.December gasoline RBZ7, -3.02% fell 1.6% to $1.765 a gallon and December heating oil HOZ7, -2.42%  edged down by 1% to $1.913 a gallon.

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