Friday, 07 November 2014 - 12:47
Oil prices fall after OPEC cuts demand forecast
Oil prices fell after OPEC, supplier of a third of the world's crude, cut its longer-term production forecasts in the face of rising North American shale output.
The benchmark US futures contract, West Texas Intermediate for December, closed at 77.91 dollars a barrel, down 77 cents from Wednesday.
The Organisation of the Petroleum Exporting Countries, estimated in its annual world outlook that global demand for OPEC crude oil will fall from just above 30 million barrels per day in 2013 to 28.2 million barrels a day in 2017, before starting to rise again in 2018.