LONDON (AP, posted Sept. 13, 2016) — Oil prices took a pounding Tuesday after a leading industry group said global oil demand growth is slowing by more than previously thought, largely because of a more pronounced economic slowdown during the third quarter of the year.

In its September oil market report, the Paris-based International Energy Agency reduced its forecast for global demand growth to 1.3 million barrels a day in 2016 — 100,000 below the previous forecast.

And it also anticipates a further slowdown next year, down to 1.2 million barrels a day "as underlying macroeconomic conditions...