* Oil down 3 pct on Goldman's 2nd bearish call in 2 days
* Weak Chinese buying of metals; Japan crisis also weigh (Recasts, updates prices to U.S. trading session and refreshes analysts' views; changes dateline to NEW YORK, previously LONDON)
By Barani Krishnan
NEW YORK, April 12 (Reuters) - Crude oil fell 3 percent on Tuesday, leading a broad fall in raw material prices, after commodities bull Goldman Sachs forecast lower oil prices, sparking a sell-off in some energy contracts.
Also pushing down oil prices was a warning from the International Energy Agency (IEA) that sky-high oil was beginning to dent demand growth.
Weak metals demand from China and the ongoing nuclear crisis in Japan weighed on other commodity prices. Copper prices fell more than 2 percent [MET/L], while gold slipped 1 percent [GOL/], sugar lost nearly 2 percent [SOF/L], and wheat dropped almost 3 percent [GRA/].
Goldman, one of the biggest commodities bulls, called for a nearly $20 fall in the price of Brent crude oil LCOc1 in the coming months, saying speculators have pushed prices ahead of fundamentals.
The IEA, the West's energy watchdog, said high prices could ultimately self-regulate through a global economic slowdown.
Brent crude fell about $3 a barrel, touching a session low of $120.73 by 10:35 a.m. EDT (1435 GMT). U.S. crude in New York CLc1 lost more than $3.50 to an intraday bottom of $106.05.
Fund managers said oil could slip below $100 a barrel if bearish calls like Goldman's were not mitigated quickly by fresh supply threats out of Libya or the Middle East, which had driven prices up by 30 percent this year.
"In commodities, an 8 to 12 percent short-term swing is always possible, and given that there is such a risk premium built into oil currently, a drop to somewhere around $98 a barrel is very feasible," said Oliver Pursche, president at Gary Goldberg Financial Services in Suffern, New York.
Pursche, who oversees a commodities mutual fund among more $500 million in assets managed by the firm, said a deep correction was also likely to spark bargain-hunting by players wanting to get back into the market at the lower levels.
"We've been underweight oil compared to the other energies. That $98 would be very short-lived in our view and would probably make us want to add to our position and get to normal weight on oil."
Copper fell as investors fretted about softness in demand from top metals consumer China. Three-month copper on the London Metal Exchange CMCU3 dropped 2.4 percent and traded at $9,616 a tonne from $9,855 at Monday's close.
In U.S. grains markets, corn futures Cc1 were off 2 percent, or almost the daily exchange-set trading limit, as investors cashed out profits from a recent surge. Wheat futures Wc1 lost nearly 5 percent, while soybeans Sc1 slid 3 percent.
Safe-haven gold was down too. Spot gold XAU=, which reflects trading in bullion, was last off to $1,452.34 an ounce, having earlier held at a session high of $1,467.10. On Monday, gold hit a record at $1,476.21.
Prices at 11:27 a.m. EDT (1527 GMT)
LAST NET PCT YTD
CHG CHG CHG US crude CLc1 106.22 -3.69 -3.4% 16.3% Brent crude LCOc1 120.90 -3.08 -2.5% 27.6% Natural gas NGc1 4.067 -0.041 -1.0% -7.7% US gold GCM1 1449.20 -19.10 -1.3% 2.0% Gold XAU= 1448.10 -19.24 -1.3% 2.0% US Copper HGK1 436.80 -9.20 -2.1% -1.8% LME Copper CMCU3 9610.00 -245.00 -2.5% 0.1% Dollar .DXY 74.976 -0.080 -0.1% -5.1% CRB .CRB 358.550 -7.450 -2.0% 7.7% US corn Cc1 754.25 -21.75 -2.8% 19.9% US soybeans Sc1 1328.50 -40.00 -2.9% -4.7% US wheat Wc1 760.00 -38.25 -4.8% -4.3% US Coffee KCK1 271.85 -2.75 -1.0% 13.0% US Cocoa CCK1 3047.00 25.00 0.8% 0.4% US Sugar SBK1 25.83 -0.21 -0.7% -19.5% US silver SIK1 39.850 -0.762 -1.9% 28.8% US platinum PLN1 1778.40 -14.40 -0.8% 0.0% US palladium PAM1 768.85 -19.40 -2.5% -4.3% (Additional reporting by Amanda Cooper and Zaida Espana in London and Nick Trevethan in Singapore; editing by Jeffrey Benkoe)