Nov 13: IEA cuts oil demand and price forecasts

The International Energy Agency on Thursday sharply reduced its oil demand forecasts for 2008 and 2009, highlighting the deepening impact of the global economic downturn on the demand for gasoline, especially in the US and other developed countries. Carola Hoyos, chief energy correspondent, talks to Daniel Garrahan about why the report is both good news and bad news, and the impact it will have on oil prices.