Crude oil futures ended lower, restrained by downward revisions in global demand forecasts.
International Energy Agency stated that global oil demand will grow by less than 1% in 2012, as it has cut its forecast by 250,000 barrels per day, to 800,000 bpd.
Moreover, Organization of Petroleum Exporting Countries has reduced its global oil demand growth this year by 120,000 barrels per day to 940,000 bpd, citing weaker economic picture in Europe.
On geopolitical front, rift between Iran and the West persists, as Iran's parliament stated it was ready to impose a ban on oil exports to the EU.
EU has made a preliminary decision to impose an embargo on Iranian oil imports from July 1.
Courtesy: IIFL
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