NEW YORK -- Crude oil futures spent Monday under pressure after the International Energy Agency said world oil demand will fall by 2.4 million barrels a day this year. The forecast was far weaker than the agency's prior view.

Light, sweet crude for May delivery settled at $50.05 a barrel, down $2.19 or 4.2%, on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled down $1.92 at $52.14 a barrel.

After...