Prices at the pump may decline – or at least stay flat – for another year. OPEC said that the global economy is likely to slow its growth in the second half of 2010, leading to a decrease in projected oil consumption. The cartel said that consumption would rise by 1 million barrels per day, reported the Financial Times.
The International Energy Agency had a higher forecast, projecting that demand would rise by 1.8 million barrels per day.
“Given the current supply-demand outlook, the overhang in inventories is not expected to change significantly in the coming quarter,” said the cartel in a statement. OPEC sets production goals and quotas for all its member nations, although they have been known to exceed them in the past.
On the Intercontinental Exchange, West Texas Intermediate light, sweet crude oil futures for September delivery dropped 0.51 percent to $75.35 per barrel. The December contract slipped a bit more, losing 0.57 percent to $76.87 per barrel.
Other energy commodities followed suit. Natural gas dropped 0.19 percent to $4.288 per million British thermal units. Gasoline futures slipped 0.96 percent to $1.936 per gallon.
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