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Sat 10 Oct 2008IEA expects oil demand to shrink as price falls to under $79 a barrel

OIL AND commodities prices collapsed yesterday as investors sold assets on the assumption that the world economy was heading irrevocably into recession.

The International Energy Agency (IEA) said that global oil demand would grow at its lowest rate in 15 years, with the risk of the financial crisis tipping rich countries "into outright recession".