IEA now forecasts huge drop in energy demand near-term.

Like everyone else, I have been watching the rise in oil prices, enjoying the higher Brazilian stock values and wondering when these energy and commodity-based gains would slow down. Be careful what you ask for.

The International Energy Agency is now forecasting that world crude demand this year is expected to contract by 2.6 million barrels a day, or 3%, to 83.2 million barrels a day. This represents the biggest contraction in almost 30 years.

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