Oil Demand Outlook Lowered as Sub-$60 Price Seen Holding

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 3.6 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.