Oil traded near the lowest close in more than a week after the U.S. Energy Department cut its forecasts for crude prices and demand as slower economic growth curbs fuel consumption and supply increases. Futures were little changed in New York after slumping 2.4 percent yesterday. West Texas Intermediate will average $92.83 a barrel this year, down 4.1 percent from the June forecast of $96.80, the department said. Prices have averaged $97.47 in 2012, data compiled by Bloomberg shows. U.S. crude stockpiles shrank last week, the American Petroleum Institute data said. Oil for August delivery was at $84.19 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 9:24 a.m. Sydney time. The contract fell $2.08 yesterday to $83.91, the lowest close since July 2. Prices are down 15 percent this year.
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