Cyprus debacle lowers Eurozone oil demand forecast

The Financial Times reports that for the second month in a row the International Energy Agency has lowered its oil demand forecast for the Eurozone, citing the Cyprus bailout as a cause of the drop.

“ ‘Every time the weakness of Europe’s economy or the severity of its debt crisis has hit the news, that has tended to translate into a small hit to oil consumption,’ Antoine Halff, head of the IEA’s oil markets division, told the Financial Times.”

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