"The short-term global economic outlook is highly uncertain, presenting significant downside...

|By:, SA News Editor

"The short-term global economic outlook is highly uncertain, presenting significant downside risks to future oil demand growth," warns the IEA in its monthly report. If the global economy grows 3% this year vs. the 4.5% expected, oil demand will fall 300K barrels/day. A similar sized drop in 2011 growth will cut oil demand by a hefty 1.2M barrels/day. Oil futures -1.2% to $79.31.