Oil falls towards $46 mark
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  • Oil prices fell toward $46 a barrel for the week beginning March 13, as bearish demand forecasts outweighed the potential for OPEC agreeing to further production cuts at its meeting. An OPEC report released on March 13 showed world oil demand contracting faster than expected, and the International Energy Agency also lowered its oil demand forecast for 2009. Oil prices have fallen dramatically since the record highs of over $140 a barrel in July 2008 as the economic meltdown has hurt global energy demand. OPEC members on their part met on March 15 in Vienna to discuss moves to deal with falling oil prices1.