IEA's Demand Growth Outlook Conflicts with OPEC's

Crude oil prices moved with no direction with WTI and Brent contracts being capped below 100 and 120 respectively. The IEA and the OPEC delivered their 2012 oil demand forecasts for the first time while the EIA reduced its estimated for both 2011 and 2012. Gold remained strong, extending its 8-day rally to a new all-time high of 1594.5 as investors look forward for QE3 and seek safe-haven demand amid debt problems in both the US and the Eurozone.

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IEA's Demand Growth Outlook Conflicts with OPEC's