Oil's slide accelerated on Tuesday (Nov 13), with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.
Tuesday's 7% plunge in West Texas Intermediate (WTI) - the largest slump in more than 30 years of futures contracts - marked the 12th consecutive daily loss for the NY benchmark.
Brent for January settlement closed down US$4.65 at US$65.47 on the London-based ICE Futures Europe exchange.
Opec has been making increasingly frequent public statements that it will start withholding crude in 2019 to tighten supply and prop up prices.
Brent is in so-called "bear market" territory alongside U.S. crude as it has fallen by more than 20% since its peak - $86 in early October.
"While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive", it added.
The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.
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U.S. bank Morgan Stanley said in a note on Wednesday that China's economic "conditions deteriorated materially" in the third quarter of 2018, while analysts at Capital Economics said China's "near-term economic outlook still remains downbeat". Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said.
The Indian market too welcomed the fall in global oil prices and opened higher today.
Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.
Saudi Energy Minister Khalid al-Falih said on Monday OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.
USA crude oil output from its seven major shale basins is expected to hit a record of 7.94-million barrels a day in December, the U.S. department of energy's Energy Information Administration (EIA) said on Tuesday.
Opec is meeting on December 6 and is expected to decide then whether to carry on the production cuts.
Oil began to climb Monday when Saudi Arabia said that it would boost prices. Oil is priced in dollars and the USA currency has been strong of late.
That surge in onshore output has helped overall U.S. crude production hit a record 11.6-million barrels a day, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.