Brent Crude Drops Below $65 as OPEC Sees Less Demand
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Brent fell below $65 for the first time in more than five years as OPEC cut the demand forecast for its crude oil to a 12-year low. West Texas Intermediate dropped near $60 as U.S. inventories grew.
Both benchmarks are more than 40 percent below their 2014 peaks in June. OPEC reduced its projection for 2015 by about 300,000 barrels a day to 28.9 million in its monthly report today. U.S. crude inventories rose to the highest seasonal level in weekly data that started in 1982, the Energy Information Administration said.