Crude oil inventories in the developed world rose to more than 1bn barrels at the end of April, their highest level in more than 20 years, as high prices have bitten into consumption, the International Energy Agency, the energy watchdog for the developed world, said on Tuesday.

The Paris-based agency consequently trimmed its forecast of global oil demand growth for this year by 10,000 barrels a day to 1.24m b/d.