NEW YORK, Feb. 12 (Xinhua) -- Crude oil futures retreated Tuesday after a three-day rally as the Energy Department cut price and demand forecasts for this year.
In a monthly report, the Energy Department's Energy Information Administration said demand for oil and petroleum products won't grow as fast this year as previously expected.
Meanwhile, markets expected that crude inventories grew 2.5 million barrels last week.
Analysts doubt Chavez would follow through on the threat, noting that U.S. refineries are uniquely designed to process the heavy, sour crude Venezuela produces.
Light, sweet crude for March delivery fell 81 cents to 92.78 dollars a barrel on the New York Mercantile Exchange.
In a monthly report, the Energy Department's Energy Information Administration said demand for oil and petroleum products won't grow as fast this year as previously expected.
Meanwhile, markets expected that crude inventories grew 2.5 million barrels last week.
Analysts doubt Chavez would follow through on the threat, noting that U.S. refineries are uniquely designed to process the heavy, sour crude Venezuela produces.
Light, sweet crude for March delivery fell 81 cents to 92.78 dollars a barrel on the New York Mercantile Exchange.
