The International Energy Agency on Tuesday cut its 2014 oil demand growth forecast to its weakest in five years, sending another bearish signal to the market as oil prices continue to tumble. In its closely watched monthly oil market report, the Paris-based energy watchdog cut its forecast for the amount it expects oil demand to increase this year by 200,000 barrels a day to just 700,000 barrels a day. Oil prices have tanked since June amid concerns over sluggish demand in a weak global economy coupled with healthy supply growth. However, the IEA said the weakness in demand growth may have reached its bottom. The organization sees demand picking up more next year, to increase by 1.1 million barrels a day. In fact, the glut in oil supply could prove more significant in sustaining market weakness. Oil production surged last month, due in part to a […]