NEW YORK (TheStreet) -- Crude oil was lower Friday after the International Energy Agency held steady its forecast for world oil demand in 2010.
Crude oil for February delivery fell 80 cents to $78.59 a barrel in electronic trading on the New York Mercantile Exchange. Crude oil declined for the fifth straight day. IEA, which advises oil-consuming countries, forecast that oil demand will average 86.3 million barrels a day this year, or 1.4 million barrels a day more than in 2009. That was unchanged from IEA's December report, according to the Associated Press. IEA's estimate for 2009 also was unchanged at 84.9 million barrels a day. "Growth is driven by non-OECD countries, most notably in Asia," the IEA said. It forecast oil demand recovery in the industrialized countries will remain sluggish, despite a recent cold snap that has lifted energy demand. Crude oil settled down 26 cents on Thursday at $79.39, a day after the government reported a 3.7 million barrel build in inventories.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
|
|
DOWN
89.23 |
DOWN
9.31 |
DOWN
23.35 |
DOWN
0.78 |
10 Yr
1.97%
SPDR Gold
167.14
|
|
-0.69%
|
-0.69%
|
-0.80%
|
-3.81%
|
Data delayed 20 minutes |
Connect with TheStreet