Oil falls on demand concerns

NEW YORK, Nov. 13 (Xinhua) -- Crude prices on Tuesday fell on demand concerns.

Oil prices were pressured by an International Energy Agency ( IEA) report that lowered its forecast for world oil demand for the fourth quarter once again, citing weakness in European economy and disruption to U.S. fuel delivery caused by Hurricane Sandy.

The IEA also said Iran's oil production and exports rebounded in October despite sanctions from the U.S. and Europe, adding to supplies in the market.

Besides, the U.S. oil inventories were expected to reach a three-month high last week. Sufficient supplies pushed oil prices down.

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