Brent slips below US$108 as IEA cuts demand outlook, supply rises

Brent crude slipped below US$108 a barrel on Wednesday, declining for a third day, after the International Energy Agency (IEA) further cut its demand outlook for the fourth quarter and 2013 amid a rebound in oil exports from sanctions-hit Iran.

The adviser to industrialised nations on energy policy said OPEC-member Iran’s exports jumped by a third to 1.3 million barrels per day in October from the earlier two months. That added additional pressure on prices already weak as the United States and Europe grapple with their financial woes.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1082323/brent-slips-below-us108-iea-cuts-demand-outlook