Brent crude oil slipped Movement.down.loss below $ 66 a barrel on Wednesday , just above a five-year low Position.low , on mounting signs of oversupply Oversupply and lackluster Slow.weak demand as global economic growth falters Slow.weak .

As oil demand falters Movement.down.loss amid a global economic slowdown Slow.weak and supplies swell Movement.up.gain thanks to the U.S. shale boom Grow.strong , the coalition spearheaded by Saudi Arabia and Russia is expected to formally prolong output curbs Cause.movement.down.loss for another six months .

U.S. employment data falters Slow.weak with the euro zone , where Germany 's Bundesbank this week cut Movement.down.loss its Monday growth projection for Europe 's largest economy to 1 percent .

U.S. employment data falters Slow.weak with the euro zone , where Germany 's Bundesbank this week trimmed Movement.down.loss its 2014 growth forecasts for Europe 's largest economy to 4.00 % .

-LRB- Reuters -RRB- - As oil production swells Movement.up.gain , demand falters Slow.weak and prices slide Movement.down.loss , the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance .