Oil prices slip amid demand forecast

Global oil prices declined slightly on Tuesday as the International Energy Agency predicted slowing global demand for crude next year.

Prices were lower also following weak data out of China, the world’s biggest consumer of energy.

Brent North Sea crude for delivery in November dipped 13 cents to stand at $49.73 per barrel in afternoon London deals.

US benchmark West Texas Intermediate for delivery in November slid 26 cents to $46.84 per barrel compared with Monday’s close.

The world’s appetite for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, likely keeping the crude market oversupplied, according to the IEA.

That will probably mean a continued oil supply glut next year, especially with the expected arrival of Iranian crude, it said.

Global consumption is expected to average 95.7 million barrels per day next year, down 100,000 from IEA estimates in last month’s report.

Data released Tuesday meanwhile showed Chinese imports plunged by more than a fifth last month, as slowing growth in the world’s second-largest economy wreaks havoc on global commodities prices and the country’s own customers