Oil slips further as OPEC cuts demand forecast

Oil prices have plunged even further after OPEC lowered its forecast of demand for crude for the rest of the year. That followed a week long slide triggered by various industry groups predicting that less oil would be needed to satisfy world demand. The US government’s Energy Department has revised downwards its estimates for world demand and the International Energy Agency did the same. However some analysts sounded a cautious note and said that geopolitical uncertainty could eventually re-ignite energy markets. Fears that the fighting in Lebanon could spill over to other Middle East countries helped push prices to an all-time high of $78.40 in July.

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