Crude oil falls below $64 on forecast for lower global demand

Crude oil dropped below $64 a barrel in New York after the International Energy Agency cut its global consumption estimates. Global oil demand will average 84.7 million barrels a day this year, 100,000 barrels less than was forecast last month, the Paris-based IEA said.

Crude oil for October delivery fell to $63.90 a barrel on the New York Mercantile Exchange. Futures touched $63.87, the lowest since March 27. Futures have declined seven days, the longest stretch since October 2003. Oil has plunged 17% from a record $78.40 a barrel on July 14 on signs demand growth will slow and as Middle East tensions ease.

OPEC, which supplies 40% of the world's oil, agreed to keep its output target unchanged at 28 million barrels a day. Qatar's oil minister Abdullah bin Hamad al-Attiyah said that the group may consider cutting output at its next meeting in December if prices fall.

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