IEA Raised Global Demand Forecasts but Warned of Double Dip

Commodities remained under pressure in European session. While the selloff yesterday had attracted bargain hunting, investors' concerns about possible global economic slowdown in light of rising oil prices and weak macro indicators limited risk appetite. The IEA's monthly report today showed demand upgrades from both 2010 and 2011. However, without adequate supply in the pipeline, surging oil prices would risk a double-dip recession in the economy.

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IEA Raised Global Demand Forecasts but Warned of Double Dip