Oil Prices Lower; IEA Lifts Demand Forecast

Oil prices were trading lower Tuesday following the International Energy Agency's upward revision of its global oil demand forecast for 2010.
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NEW YORK (

TheStreet

) -- Oil prices were trading lower Tuesday following the International Energy Agency's upward revision of its global oil demand forecast for 2010.

Oil price futures for May delivery fell 81 cents to $83.53 a barrel in electronic trading on the New York Mercantile Exchange. The contract settled at $84.34 on Monday, down 58 cents.

Paris-based IEA, in its monthly oil report, said oil demand would be 30,000 barrels a day higher than previously estimated. It now estimates oil demand to grow by 1.7 million barrels a day to 86.6 million barrels a day this year. IEA cited higher-than-expected demand date from North America, the Pacific, as well Asia and the Middle East.

-- Reported by Joseph Woelfel in New York.

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