Oil breaks below $59 a barrel after IEA cuts 2015 demand forecast

LONDON (MarketWatch) -- The International Energy Agency on Friday cut its 2015 forecast for global oil demand growth by 230,000 barrels per day, to 900,000 barrels a day, citing lower expectations from oil-exporting countries. Oil prices moved lower following the report, with January futures for West Texas Intermediate crudeCLF5, -3.59% down $1, or 1.7%, to $58.96 a barrel. Brent crude for January deliveryLCOF5, -2.95% was off 80 cents, or 1.3%, to $62.89 a barrel. A strong dollar and lifting of subsidies "have so far limited supportive price effects on demand," said IEA.