Forexpros - Crude oil futures were down for a second day on Tuesday, trading below USD97 a barrel as the uncertain global growth outlook fuelled speculation over a slowdown in oil demand. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.70 a barrel during European morning trade, dipping 0.22%. It earlier fell by as much 0.35% to trade at a session low USD96.66 a barrel. Markets were jittery as Greek Prime Minister Lucas Papademos was to meet with coalition leaders later in the day to discuss the implementation of additional fiscal measures needed to secure a second bailout, after failing to strike a deal on Monday. European Union officials have said a final agreement on Greece’s EUR130 billion bailout much be approved by February 15, in order to avert a default when a EUR14.5 billion bond repayment comes due on March 20. Euro zone developments have dominated trading in the oil market for the last several months, amid worries that the region’s ongoing sovereign debt crisis could trigger a broader economic slowdown that would curb global demand for oil. The International Monetary Fund said late Monday that China's annual economic growth could be cut nearly in half this year if Europe's debt crisis tips the world economy into a recession. The IMF cut its forecast for Chinese economic growth to 8.2% from 9%. A deeper slowdown in China, the world’s second largest economy, would impair a global expansion that is already faltering because of Europe’s austerity measures. The euro zone accounted for nearly 16% of global oil consumption in 2010, while China is the world’s second largest crude oil consumer. Meanwhile, oil traders were awaiting fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 2.5 million barrels last week. The U.S. is the world’s largest oil consuming nation, accounting for nearly 22% of global oil demand. Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery shed 0.25% to trade at USD115.64 a barrel, with the spread between the Brent and crude contracts standing at USD18.94 a barrel, the largest premium since early November. Brent prices have outperformed crude in recent sessions amid concerns over a disruption to supplies from African producers, Nigeria and South Sudan.

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