NEW YORK, Sept 13: Brent crude prices slipped on Tuesday, dragged down by spread selling and a downward revision to the International Energy Agency's forecast of growth in global oil consumption due to the struggling economy.

Traders extended a deep sell-off in the premium of Brent to US crude futures into a second day, with the spread narrowing by nearly $2 to just over $22 a barrel as US futures rose.

Brent traded lower after the IEA revised its forecast for global oil demand down by 160,000 barrels per day (bpd) for 2011 and by 190,000 bpd for 2012, due to financial and economic headwinds.

“Brent crude and the US product markets are weaker, on demand concerns reinforced by an (IEA) monthly report that trimmed demand,” Tim Evans, energy analyst at Citi Futures Perspective in New York, said in a note.

ICE Brent October crude fell 10 cents to $112.15 a barrel by 1740 GMT, after briefly turning positive in afternoon trading in New York. The October Brent contract expires on Thursday.—Reuters

Oil prices slip on demand outlook