London, 2008 Apr 12, IRIB 
 
Oil futures hit a new closing high in London Friday as a forecast of slower growth in worldwide crude demand did little to ease speculative fervor.

Analysts said the international energy agency's forecast of a dramatic slowing of the American economy that would curb energy demand failed to dent prices.

Instead, traders looked to oil amid turmoil in stock markets after a weak outlook from general electric.

In London, Brent North Sea crude for May firmed 55 cents to a settlement high of 108.75 dollars per barrel, after striking a historic 109.98 dollars on Thursday.

New York's main oil contract, light sweet crude for delivery in May, fell two cents to close at 110.14 dollars a barrel.

The contract had rocketed to a record 112.21 dollars on Wednesday.

The IEA warning came in a week in which the US government announced heavy falls to its energy stockpiles, news that sent crude futures soaring.

In its monthly report on trends in the energy market, the IEA revised down significantly its estimate for global demand for oil this year to 87.2 million barrels per day, a reduction of 310,000 barrels per day from the estimate in the march report.