Tuesday, June 13, 2006
JUN. 13 10:19 A.M. ET Crude-oil futures tumbled on Tuesday after the International Energy Agency said this year's world demand will be lower than previously expected. Moreover, inventories in the U.S. and Asia are at a 20-year high.
"A booming global economy continues to support demand growth, but high prices are weighing on consumption," the Paris-based IEA said in its monthly report. The agency forecast world oil demand to average 84.9 million barrels per day in 2006, or 1.5 percent more than last year. Read More