Oil hovers below $104 as IMF cuts growth forecast
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The price of oil fell slightly Wednesday, a day after the International Monetary Fund lowered its forecast for global growth through the end of next year.
Benchmark crude for November delivery fell 3 cents to $103.46 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 46 cents to settle at $103.49 on the Nymex on Tuesday.
On Tuesday, the Washington-based International Monetary Fund said it was cutting its global economic growth forecasts for 2013-14, primarily due to slowing growth in China, India, Brazil and other developing countries.
Associated Press
