Oil prices resumed their rout today, dipping below $62 US per barrel after OPEC cut its forecast for world demand for oil.
On Tuesday, oil prices had stabilized and moved slightly higher after a two-week spiral downward caused by OPEC’s decision not to pull back on production. At a meeting in Vienna Nov. 27, OPEC said it would keep production targets at 30 million barrels a day.
But on Wednesday, OPEC estimated that world demand for oil in 2015 would be the lowest in 12 years at 28.9 million barrels a day. That’s less than the 30 million barrels a day that the oil cartel’s 12 members pumped last month. Read more here.
Related: Gas Prices Fall Below a Dollar (CHCH)