WTI crude traded in New York at US$61.3, while Brent fell to US$64.6 a barrel. Oil prices are just above US$60 per barrel after OPEC cut its forecast for world demand for oil. OPEC estimated that world demand for OPEC oil in 2015 would be the lowest in 12 years at 28.9 mln bpd- less than the 30 mln bpd OPEC's 12 members pumped last month.
While OPEC is leaving its production unchanged, it expects non-OPEC supply, driven by the U.S., Canada and Brazil, to expand next year by 1.36 mln bpd to 57.31 mln bpd. Total daily demand for crude is expected to rise just 1.2% to 92.26 mln bpd.
11-Dec-14 
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