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The International Energy Agency (IEA) slashed its global Oil demand forecast for the first time since October, attributing economic lull in Asia as one of the major causes for the downgrade.

Key highlights:

   “¢   Fuel consumption in China, Japan and Brazil disappointed in Q1.
   “¢   Expects stockpiles to plunge as demand picks up this quarter.
   “¢   And as US sanctions squeeze production in Iran.

The outlook did little to improve the already weaker trading sentiment around Oil prices, which is now down around 1% for the day on the back of a surprise build in inventories from the API data overnight.