Oil fell on Tuesday following a series of gloomy predictions on demand growth that suggested the global overhang of unused inventories may persist for much longer than investors anticipate and temper any pick-up in price. The International Energy Agency said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017. This contrasts with the agency’s last forecast a month ago for supply and demand to be broadly in balance over the rest of this year and for inventories to fall swiftly. The IEA’s latest comments follow a surprisingly bearish outlook from OPEC the day before. Brent crude prices LCOc1 fell 92 cents to $47.40 a barrel by 0910 GMT (05:10 a.m. EDT), while U.S. West Texas Intermediate futures CLc1 declined by $1.03 to $45.26 a barrel. “It seems the situation has deteriorated strongly in the eyes of OPEC as well as the IEA,” Commerzbank head of commodities strategy Eugen Weinberg said.