IEA: Oil prices may fall more as demand slows

The International Energy Agency said Friday global demand for oil would slow down next year, as it warned that crude prices could resume a recent downward spiral.

"The bottom of the market may still be ahead," the agency said in its closely watched monthly oil-market report.

In its first oil-consumption assessment for next year, the IEA--which advises industrialized nations on their energy policies--said global oil demand growth is forecast to slow to 1.2 million barrels a day in 2016. That compares with an average 1.4 million barrels a day this year.

It said a return of Iranian oil and a Greek exit from the euro could put further pressure on oil prices--which have lost about 10% in the past month.

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