Leslie Turk

Oil falls below $59 a barrel

by Leslie Turk

For the first time in 18 months, crude oil fell below $59 a barrel in New York, causing extreme concern for projects in oil rich Louisiana. The decline comes amid speculation the International Energy Agency will cut its 2009 oil-demand forecast because of slowing economic growth.

Bloomberg.com is reporting today that the IEA, which coordinates energy policy in 28 developed countries, will reduce the estimated growth in global demand for a third month in a report tomorrow, according to four former IEA analysts. Read the story here.