Oil prices retreat after IMF issues downgrade to growth forecasts for global economy. Photo by John Angelillo/UPI The price for Brent , the global benchmark, was off more than 3.75 percent to trade near $48 per barrel early in the Tuesday session. The price for West Texas Intermediate , the U.S. benchmark, was down more than 3.8 percent to sell for $46.86 early in the trading day. The declines follow a downbeat report from the IMF on growth expectations for 2015. Growth for the global economy was expected at 3.5 percent this year, a 0.3 percent downward revision. The IMF said that, while low oil prices are a net benefit for consumers, the gains were offset by adverse factors elsewhere in the global economy. Olivier Blanchard , director of research at the IMF, said the low price of oil means different things for different economies and sectors. “[It means] […]