Summary Global oil prices traded mixed on Wednesday after a gloomy demand forecast.
LONDON (AFP) - Global oil prices traded mixed on Wednesday after a gloomy demand forecast downgrade from the International Energy Agency, and as traders awaited the latest weekly update on US crude inventories.
Brent North Sea crude for delivery in July added 25 cents to stand at $103.21 a barrel in midday London deals.
New York s main contract, West Texas Intermediate (WTI) light sweet crude for July, decreased by just two cents to $95.36 a barrel.
Crude futures had already fallen on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) downgraded its 2013 global demand guidance, and also reported that the cartel increased output in May.
On Wednesday, the Paris-based IEA also trimmed its forecast for oil consumption, arguing that sluggish global economic growth was crimping demand for oil, including in emerging market powerhouse China.
The IEA predicted that oil demand would expand by 785,000 barrels per day this year to 90.6 million barrels per day (mbd).
That marked a slight fall of 0.08 percent from the previous forecast.
"Relatively sluggish macroeconomic conditions are expected to keep a lid on growth in 2013," the IEA added in its latest oil market report.
On Tuesday, the OPEC oil cartel estimated 2013 global demand at 89.65 million barrels per day, down a notch from its prior forecast of 89.66 mbpd.
In recent weeks, oil and stock markets have experienced sharp swings on the prospects of reduced monetary stimulus by central banks as world economic growth picks up.
Later on Wednesday, the US government s Energy Information Administration will publish its weekly snapshot of crude stockpiles.
The report is a key focus for the oil market because the United States is the world s number one crude consuming nation.
"EIA inventory figures, due this afternoon, will give markets some much needed direction," noted analyst Kash Kamal at Sucden Financial Research brokerage.
