Benchmark oil prices fell to new five-year lows after OPEC cut its demand outlook for global oil consumption and U.S. data showed a surprise jump in oil inventories.
In a monthly report, the Organization of the Petroleum Exporting Countries forecast demand for the group’s oil will drop to 28.92 million barrels per day in 2015, down 280,000 bpd from its previous expectation.
U.S. crude futures for January settled 4.5 percent lower at $60.94 per barrel, the lowest since July 2009. Brent futures fell by nearly $3 to $64 a barrel, having earlier touched $60.63, a level not seen since July 16, 2009.
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