<a href=Brent” height=”250″ src=”https://www.offshore-technology.com/wp-content/uploads/static-progressive/599px-Oil_Barrel_graphic.jpg” style=”padding: 10px” title=”Brent crude fell 56 cents to $114.06 a barrel” width=”250″ />

Oil markets slipped for the second consecutive day today because of a weak economic outlook, although rising supply concerns regarding escalating tension in the Middle East kept losses in check.

The International Energy Agency (IEA) cut its demand growth forecast for next year, while a poll indicated China will have expanded in the third quarter at the slowest pace since 2009.

Data also indicated an improvement in China’s commodity imports.

Brent crude fell 56 cents to $114.06 a barrel while US oil fell by $1 to $90.82.

Supply from North America and Iraq could ease prices during the next five years, according to the IEA, which also cut its demand growth projection for 2011-2016 by 500,000 barrels a day (bpd).

Demand outlook for 2013 has also been cut by 100,000 bpd, citing lower consumption in Europe, the Americas and China, reports Reuters.

Turkey has also banned all Syrian aircraft from entering its air space.

Image: Brent crude fell 56 cents to $114.06 a barrel. Photo courtesy of Amiralis.