Brent crude fell to the lowest closing price in more than two years on signs that global demand is slowing while output climbs. The European benchmark’s decline narrowed the premium to West Texas Intermediate oil. Both grades capped weekly declines after the International Energy Agency cut its global oil demand forecast for 2015 yesterday. The IEA also said Saudi Arabia exported the least in almost three years as purchases slowed from China and Europe. “The IEA report has set the tone for the market,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “The IEA projections showed that demand growth should slow while production continues to grow. They had Saudi exports at the lowest level in years, which is a sign of how weak demand is.” Brent for October settlement fell 97 cents, or 1 percent, to close […]