Oil prices down for third straight session

Oil prices fell sharply for a third straight session yesterday as the Organization of the Petroleum Exporting Countries lowered its outlook for global oil demand growth and the International Energy Agency forecasted a significant oil surplus.

In the global crude market, Brent



crude was trading over three and a half per cent down at 74 dollars and 60 cents per barrel. The U.S. West Texas Intermediate (WTI) was also trading nearly four per cent down at 70 dollars and 90 cents per barrel when reports last came in.