Global oil prices hit a two-year low

Global oil prices hit a two-year low  after the International Energy Agency cut its forecasts for world demand, with the market also weighed down by plentiful supplies, analysts said. In earlier London trade, Brent North Sea crude for October sank to USD 96.72 per barrel -- the lowest point since July 2, 2012. And US benchmark West Texas Intermediate (WTI) for October delivery slid to USD 90.43 -- a level last seen on May1, 2013.The market has forged a series of multi-month lows this week on the back of abundant global crude supplies and gloomy demand growth forecasts. Prices plumbed the latest troughs today after the Paris-based IEA, which advises on energy policy to industrialised nations, cut its global oil demand outlook,citing weaker economic growth in both Europe and China. The IEA trimmed its estimate for oil demand this year to growth of 1.0 percent, or 900,000 barrels per day (bpd), from a previous estimate of 1.1 per cent or 1.0 million bpd.The news followed broadly similar demand forecast downgrades this week from both the US government's Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC).