LONDON, Aug 11: Oil prices fell slightly in quiet trading on Monday, with even a prediction of increased global oil demand from the International Energy Agency (IEA) failing to shake the summer lethargy.

The price of benchmark Brent North Sea crude oil for September delivery was down 13 cents at $29.86 per barrel.

New York’s reference light sweet crude September contract also showed a dip of 13 cents to $32.05 per barrel in early deals.

“There is a lack of interest at the moment, and the market is very much in drift mode,” said GNI trader Kevin Blemkin.

“We’ve just seen a rangebound market,” he said, while adding that there were continued “concerns” regarding the still-perilous security situation in Iraq.

The only news of the day came as the IEA said economic recovery in China was likely to push global oil demand upwards by around 100,000 barrels per day this year.

World demand was now expected to be 1.11 million barrels per day, the Paris-based grouping of oil importing nations said.—AFP