EIA lowered its expectations for global demand for oil for this year and the next

Energy Information Administration lowered its expectations for global demand for oil for this year and the next.

#Global demand for this year was pegged at 88.64 million barrels per day, and demand in 2013 was seen at 89.37 mbpd.

#EIA projected New York-traded oil to average $88 a barrel in the second half of 2012, and it lowered price expectations for retail gasoline to $3.39 a gallon for the third quarter of 2012. Prices at the pump are expected to average $3.49 a gallon this year and $3.28 a gallon in 2013.

Source : Marketwatch