NEW YORK, November 10 (newratings.com) – Crude oil prices declined to below the $47 per barrel mark today on expectations of continued rise in the US oil and natural gas inventories.

The International Energy Agency (IEA) said in its monthly Oil Market Report released today that world oil prices might have peaked during the recent record high levels. The report said that the oil markets should continue to ease heading into and out of the upcoming winter season, barring any significant unforeseen developments. The IEA said that the growing global supplies and signs of elevated energy costs adversely impacting the economic growth indicate that the oil prices are unlikely to resume their upward rally. According to the IEA report, the worldwide oil supplies increased by 890,000 barrels per day to a record 84.6 million barrels per day in October this year. The IEA said that its global oil demand forecasts remain broadly unchanged at 82.4 million barrels per day for 2004 and 83.8 million barrels per day for 2005.