NEW YORK — Oil prices fell yesterday as the International Energy Agency (IEA) warned about potential risks to the economic recovery posed by high energy costs. New York's main contract, light sweet crude for delivery in May dropped 29 cents to $84.05 a barrel. Brent North Sea crude for May also slipped 29 cents to $84.48.
The IEA yesterday revised up its forecast for global oil demand in 2010 by 30,000 barrels per day owing to unexpectedly strong economic activity in the United States, Asia and the Middle East. However, the IEA also warned in its latest monthly report that oil prices above $80 a barrel could hamper economic recovery.
