Brent slides to new 17-month low under USD 98

World oil prices tumbled today, with Brent hitting a new 17-month low after the OPEC oil cartel trimmed its oil demand growth forecasts.
The market was also pushed lower following signs of weaker-than-expected crude demand in top consumer the United States.
In late afternoon deals, Brent North Sea crude for October sank to USD 97.72 per barrel -- the lowest point since April 18, 2013.
US benchmark West Texas Intermediate (WTI) for October delivery slid to USD 91.22 per barrel -- last seen in on May 2, 2013.
The Organization for Petroleum Exporting Countries (OPEC) on Wednesday revised down slightly its global oil demand growth forecasts for both 2014 and 2015.

The 12-nation cartel said in a monthly report that oil demand was set to grow by 1.05 million barrels per day in 2014, down from the prior forecast of 1.10 mbpd given last month.

Demand was then expected to grow by 1.19 mbpd in 2015, compared with previous guidance of 1.21 mbpd.
"Both the major oil contracts extended their losses on Wednesday," said Forex.Com analyst Fawad Razaqzada.
"OPEC not only cut the world oil demand forecast but it lifted the supply outlook too.
"This dented the already bearish sentiment and caused the price of Brent to move further below the psychological USD 100 mark."

In another bearish development, the US Department of Energy said Wednesday that American crude reserves sank one million barrels in the week to September 5.
Analysts had expected a heavier 1.2-million-barrel decline.
"The weekly crude stockpiles ... Showed inventories there declined by just one million barrels last week," said Razaqzada.
He added: "The data clearly points to weaker demand for oil."
In later afternoon London deals, Brent stood at USD 98.11, down USD 1.05 from Tuesday's close, while WTI was USD 1.22 lower at USD 91.53.
The Brent contract had already plunged on Monday under the psychological barrier of USD 100 for the first time in more than 14 months, weighed down by abundant supplies.

Analysts have said OPEC could respond to declining prices and the global supply glut by reducing oil production levels.
OPEC will hold its next scheduled output meeting on November 27 in the Austrian capital of Vienna, where it is headquartered.