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IEA
forecast pushes crude prices down by $2 a barrel
Vienna: Oil prices dipped to their lowest level in
six weeks, by nearly $2 a barrel, after the International
Energy Agency forecast slower growth in oil demand this
year.
Light,
sweet crude for May delivery fell USD 1.85 to settled
at USD 51.86 a barrel on the New York Mercantile Exchange,
where unleaded gasoline futures fell 1.6 cent to close
at USD 1.5338 a gallon. Heating oil futures declined by
2.18 cents to USD 1.4653 per gallon.
On
the International Petroleum Exchange in London, Brent
crude fell USD 1.23 to USD 51.98 a barrel. Oil prices
are more than $6 below the intra-day highs set last week,
though they remain 37 per cent higher than a year ago.
In
its report, the Paris-based IEA suggested that rising
US interest rates and energy costs would reduce world
hunger for oil this year.
It
lowered its estimate for world oil demand growth by 50,000
barrels a day to 1.77 million barrels a day, while forecasting
average demand at 84.27 million barrels a day - slightly
lower than the previous figure. It also said that government
measures in Asia - and Chinese oil demand growth that
was only half of estimates last year - also would act
as a brake on the market.
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Another
recall from Mitsubishi
Tokyo: Japanese
automaker Mitsubishi Motors Corp, plagued by recurring
recalls, has announced another recall of 1,79,000 cars
because of a defect in the air conditioning system that
has injured at least two people.
Mitsubishi
Motors' reputation has been badly affected after acknowledging
five years ago it had systematically hidden auto defects
for decades. Over that period it has issued several recalls,
further driving down sales and hampering attempts to revive
the company.
The
latest recall - reported to the government yesterday -
covers three sedan models, including the Galant, manufactured
from 1996 to last year.
Mitsubishi
Motors reported another recall for 95,000 Colt compacts
manufactured from 2002 to 2004 for a defect in which the
ignition key gets stuck.
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