Oil prices fall further after IEA cuts forecast

[Omaha Steve]

Source: AP-Excite

LONDON (AP) — Oil prices fell further Friday after the International Energy Agency lowered its forecast for global oil demand next year.

In its monthly oil report, the agency said global oil demand in 2015 will grow by 900,000 barrels a day — 230,000 less than previously forecast — to 93.3 million.

"While demand growth is still expected to gain momentum in 2015 from 2014, the acceleration is now looking more modest than previously foreseen, in line with the ever-more tentative pace of the global economic recovery," the IEA said.

Following its report, the benchmark New York oil price slipped further below $60 a barrel to fresh five-year lows. In late morning trading in London, it was 72 cents lower at $59.23. Brent, the international standard, was 74 cents lower at $62.94.

FULL story at link.



FILE - In this Dec. 3, 2014 file photo a sign displays the price for E-10 gasoline for $1.99 at the OnCue convenience store and gas station in Oklahoma City. With oil prices now around a five-year low, budget officials in about a half-dozen states already have begun paring back projections for a continued gusher of revenues and more could be necessary if oil prices stay at lower levels. (AP Photo/The Oklahoman, Paul B. Southerland, File) LOCAL STATIONS OUT (KFOR, KOCO, KWTV, KOKH, KAUT OUT); LOCAL WEBSITES OUT; LOCAL PRINT OUT (EDMOND SUN OUT, OKLAHOMA GAZETTE OUT) TABLOIDS OUT


Read more: http://apnews.excite.com/article/20141212/oil_prices-c71c76435d.html

[SamKnause]

1. In the near future will the tax payers be

forced to bail out the big oil companies ???

[Historic NY]

2. We already are....

with all the incentives & subsistance they get via tax relief etc.

[SamKnause]

3. I am aware of all the special treatment and perks they receive.

I was referring to a Wall Street type bail out.

[dixiegrrrrl]

4. 2.33 at the station up the street, for regular.

Prices dropping like a rock.

Fracking is becoming VERY unprofitable and there will be banks holding some loans, altho I think they essentially sell them off as bonds these days.