Oil sinks below $63 to lowest in over five years

Brent crude oil slipped Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook.
Brent is down roughly 9 per cent this week, some 45 per cent below its June peak above $115 per barrel.
Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for demand growth in 2015 and predicted that healthy non-OPEC supply gains were poised to aggravate the glut.
The agency, which coordinates the energy policies of industrialised countries, cut its outlook for global oil demand growth for 2015 by 230,000 barrels per day (bpd) to 0.9 million bpd on expectations for lower fuel consumption in Russia and other oil-exporting countries.
"It spells out the main scenarios that are in the market and said that stockpiles will be substantially bigger in the first half of 2015," said Bjarne Schieldrop, chief commodity analyst for SEB in Oslo.
The Organization of the Petroleum Exporting Countries (OPEC), which accounts for a third of global oil output, cut its 2015 demand forecast this week to the lowest in more than a decade, according to a news agency.