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Crude prices track debt-contagion fears

Oil prices tracked global debt-contagion fears throughout October, as weak US economic data and lowered demand forecasts helped to depress prices

Yet despite concerns of a double-dip recession, Brent was trading at over $110/b on 24 October on optimism that a meeting of Europe’s financial leaders would solve the Eurozone debt crisis, providing a vital boost to financial stability. Greece has warned it will run out of money this month and there are doubts that the EU will commit to another Greek bailout. The International Energy Agency (IEA) cut its global oil demand forecast by 50,000 b/d for 2011 and by 210,000 b/d for 2012. It blamed disappointing economic data, predicting weaker demand in markets such as the Middle East, the US and even China. IEA demand forecasts stand at 89.2m b/d in 2011 and 90.5m b/d in 2012. The figures were

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