IEA trims oil demand views on weak economic data

LONDON (MarketWatch) -- The International Energy Agency said on Tuesday that it has lowered its forecasts for global oil demand for 2011 and 2012 by 160,000 barrels a day and 200,000 barrels a day, respectively, due to the "more precarious economic backdrop" and weaker fourth-quarter data. "Uncertain prospects for the single European currency continue to provide added downside risk to current economic growth estimates," the IEA said in its monthly oil report. The agency now expects global oil demand to average 89.0 million barrels a day in 2011 and 90.3 million barrels a day in 2012.