The price of oil has fallen sharply after the International Energy Agency predicted that the global recession would cut demand for crude this year.
The IEA said on Friday that world oil demand would fall by 2.4 million barrels a day to 83.4 million barrels.
US light crude fell by $3.26 to $48.98 a barrel. London Brent oil was down by $3.02 at $51.04.
Since hitting a record high of more than $147 a barrel in July last year, oil prices have slumped.
'Demand destruction'
The Paris-based IEA said its forecast of lower oil demand was influenced by "a growing consensus that economic and oil demand recovery will be deferred to 2010".
It also noted that developed countries' oil inventories had risen in February to 61.6 days of forward cover, the highest since 1993.
Victor Shum, an analyst in Singapore with the Pervin & Gertz consultancy, said the IEA's lower forecast represented "very serious demand destruction".
"The macroeconomics don't look good at all for this year," he added.
The price of oil dropped below $40 a barrel at the end of 2008 before recovering slightly, but remains nearly $100 below peak levels
The IEA said on Friday that world oil demand would fall by 2.4 million barrels a day to 83.4 million barrels.
US light crude fell by $3.26 to $48.98 a barrel. London Brent oil was down by $3.02 at $51.04.
Since hitting a record high of more than $147 a barrel in July last year, oil prices have slumped.
'Demand destruction'
The Paris-based IEA said its forecast of lower oil demand was influenced by "a growing consensus that economic and oil demand recovery will be deferred to 2010".
It also noted that developed countries' oil inventories had risen in February to 61.6 days of forward cover, the highest since 1993.
Victor Shum, an analyst in Singapore with the Pervin & Gertz consultancy, said the IEA's lower forecast represented "very serious demand destruction".
"The macroeconomics don't look good at all for this year," he added.
The price of oil dropped below $40 a barrel at the end of 2008 before recovering slightly, but remains nearly $100 below peak levels
Comment：
Last year,oil price had rising to more than $147 a barrel. Every part of the world were influenced by this terrible situation. Not only most of countries decreased the demand for the oil,but also tried to find the other alternative energy to replace this high-priced one. When everyone has trying to adjust their policies in order to face this crisis,the oil price fell sharply. Maybe it will cause another economic crisis(the second wave)?
I think this oil price should be kept in a stable level. No matter the price rises or falls,it still has a great impact on our lives. The lower price it is, the greater loss of oil producer may have. The higher price it is,the poorer consumption capability of oil people will have.
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