Bloomberg reports that “any hope that global demand would provide a floor for oil’s freefall was dashed as the leading energy forecaster cut its outlook for the fourth time in five months and crude extended its tumble.”  

“Oil dropped as much as 3.1 percent in New York after the International Energy Agency forecast weaker consumption next year and said supply from countries outside of the Organization of Petroleum Exporting Countries will rise faster than previously estimated.”  

“This year’s 44 percent drop in crude has hurt the economies of oil-producing countries from Russia to Nigeria, reducing fuel demand. Brent crude is too low for 10 of OPEC’s 12 members to balance their budgets, yet not low enough for to force producers to scale back output. The U.S. is producing the most oil in three decades and OPEC members have pumped more than the group’s target level for each of the past six months.”