Summary Global oil prices fell on concerns over slowing growth in China and publication of US economic data.
LONDON (AFP) - Global oil prices fell on Wednesday on concerns over slowing growth in China, the world s biggest energy consumer, and before the publication of crude inventory levels in the United States.
The OPEC oil cartel meanwhile raised its world demand forecast for 2014 on the back of an increase in US consumption in late 2013 and a "gradual" global economic upswing.
New York s main contract, West Texas Intermediate (WTI) for delivery in April slid $1.49 to $98.54 a barrel.
Brent North Sea crude for April fell 68 cents to stand at $107.87 a barrel in London midday deals.
Kelly Teoh, managing director at I.R. Resources, said investors are focusing on economic data from the United States and China.
"In the short term, a lot of it has to do with (uncertainty over) the US economy... and China showing a slowdown," Teoh told AFP.
The US Department of Energy will release its report later in the day and analysts expected inventories to have risen two million barrels in the week ending March 7 as the severe winter weather draws to an end, leading to weaker demand for heating oil.
In China, the government on Saturday said it had seen an unexpected trade deficit of $22.98 billion in February as exports dived, fuelling fears about slowing growth in the Asian economic giant.
Investors are also keeping an eye on political developments in oil-producer Libya after the country s parliament ousted Prime Minister Ali Zeidan.
Militia loyal to the Tripoli authorities were advancing on eastern Libya on Wednesday where rebels demanding regional autonomy began exporting oil this week in defiance of the central government.
The offensive came as Islamists buoyed by parliament s ouster of liberal-backed Zeidan on Tuesday moved to consolidate their new-found power.
Libya is a member of the OPEC oil-producers cartel, which said it expects world demand of 91.1 million barrels per day (mbd) this year, 1.1 mbd more than in 2013.
Previously OPEC, which produces about 35 percent of the world s oil, had expected demand to grow by 1.09 mbd.
For 2013, the Organization of Petroleum Exporting Countries, also raised its demand estimate to 90.0 mbd from 89.9 mbd in its last monthly report.
