The International Energy Agency has cut its forecast for global oil demand
The International Energy Agency has cut its forecast for global oil demand, on the back of a drop in consumption after recent record prices.
The body said demand in 2006 would average 84.8 million barrels a day, from a previous forecast of 85.1 million barrels.
US light crude fell 42 cents to $72.90 after the IEA's comments.
Oil prices have peaked above $75 a barrel this year, driven by tensions in Iran and Nigeria.
However, losses on Friday were trimmed after reports of an oil pipeline explosion in Nigeria.