Following yesterday's plunge on soaring Italian bond yields and fears of a default, the markets were taking in relative stride the International Energy Agency's downward revisions on global oil demand growth forecast. The IEA cut its projections for global oil demand this year by 70,000 barrels a day to 89.16 million barrels a day and by 20,000 barrels a day to 90.47 million barrels a day for 2012. With oil trading as wildly as stocks lately on the emotional state of the markets, Khan's nearer-term price forecast for WTI is between roughly $88.40 and $100.08 a barrel and between $109.46 and $116.85 for Brent. Armstrong expects some technical resistance for WTI at yesterday's high of $97.84. A breakthrough of this level however, could see levels arrive at $98.75, or even $99.34. Analysts generally agree that WTI oil futures could shoot up to $100 a barrel in the nearer-term, but are conflicted on prices beyond that. While Armstrong is targeting the recent month high of $100.62, Smith says "it seems a bridge too far to push on through the psychological level of $100 when there is still so much uncertainty relating to Europe." "Brent seems to struggle when we get close to the previous highs made back in September. Prices will likely continue to ebb and flow but remain ultimately range-bound as we await further clarity from Europe," Smith added. Energy stocks were trading mixed. Apache ( APA) was up 0.4% to $100.26; Anadarko Petroleum ( APC) was flat at $77.85; Chesapeake Energy ( CHK) was rising 0.6% to $25.72; Kinder Morgan ( KMI) was up 0.2% to $27.09; Southern Union ( SUG) was higher by 0.2% to $41.77; Chevron ( CVX) was falling 0.4% to $103.88; and Cheniere Energy ( LNG) was advancing 1.4% to $10.66. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.