Oil prices supported by IEA forecasts

Brent crude oil futures on Monday eased slightly from their 11-month highs, hit last week, but forecasts of a global oil supply crunch ensured some support.

The International Energy Agency said on Monday that global oil demand would rise more quickly than previously forecast through to 2012, while supply would struggle to cope.

Despite the IEA's predictions oil prices fell slightly as investors took profits from last week's rise to an 11-month high.

By midday in London, Brent crude, having hit an 11-month high on Friday, fell 33 cents to $75.29 a barrel, while Nymex crude lost 49 cents to $72.32 a barrel.

Hey, $75 oil is NOT NEWS! You'll be surprised how quickly we shrug at $100 oil too...

In the long run, we're all dead. John Maynard Keynes