Kiernan said that the EIU had slashed Cause.movement.down.loss its estimate for global economic growth to 2.60 % from 2.70 % for 2013 .

In its World Energy Outlook 2018 , the Paris-based Credit Suisse said it had slashed Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the dropping Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the spurt Grow.strong spurt Grow.strong in U.S. shale oil and gas output .

The OPEC slashed Cause.movement.down.loss slightly its estimate for usage in global oil 2014 to 1.2 million bpd , for total annual demand of 95.9 million bpd .

Last week analysts at Credit Suisse slashed Cause.movement.down.loss their 2016 Brent oil price projections to $ 93 a barrel , the second-lowest among analysts polled by Reuters .

Both oil benchmarks have dropped Movement.down.loss 9 percent since hitting four-year highs Position.high in Tuesday , as hedge funds have slashed Cause.movement.down.loss bullish forecast on crude to a one-year low Position.low .

The U.S. Energy Information Administration ( EIA ) on Tuesday slashed Cause.movement.down.loss its global oil demand projection for this year by 29.61 million bpd as the virus outbreak crimps Cause.movement.down.loss oil demand in Eurozone .

In a monthly report on Friday , the Energy Information Administration ( EIA ) slashed Cause.movement.down.loss its forecast for demand growth in global oil 2014 to 1.10 million barrels per day ( bpd ) , below Movement.down.loss 30,000 bpd .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have slashed Cause.movement.down.loss exports by close to 1 million bpd . ''

Both oil benchmarks have slid Movement.down.loss 9 percent since hitting four-year highs Position.high in the year , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

Organization of the Petroleum Exporting Countries also slashed Cause.movement.down.loss its projection for usage for OPEC crude , supply of which OPEC has pledged to reduce Cause.movement.down.loss by 600,000 bpd August as part of an agreement with Russia and other non-OPEC producers such as Oman and Kazakhstan .

In the report , OPEC also slashed Cause.movement.down.loss its this year global oil demand growth estimate for a third straight month .

The U.S. Energy Information Administration slashed Cause.movement.down.loss its global oil consumption projection for 2015 by 240,000 barrels per day ( bpd ) to 95.9 million bpd .

The kingdom slashed Cause.movement.down.loss its own output from more than 10 million barrels per day in 1980 to less than 2.5 million bpd in 1985-86 .

Both oil benchmarks have sunk Movement.down.loss 13 percentage since hitting four-year highs Position.high in January , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

https://www.reuters.com/news/archive/GCA-Commodities/article/us-markets-oil/brent-dips-below-111-libya-says-oil-crisis-is-over-idUSKBN0F81IA20140703 LONDON -LRB- Reuters -RRB- - Brent crude futures dipped Movement.down.loss below $ 111 a barrel on Thursday after Libya declared an end to an oil crisis Crisis that has slashed Cause.movement.down.loss exports from the OPEC member .

Investing.com - Oil prices plunged Movement.down.loss in 2002 after the OPEC slashed Cause.movement.down.loss its global growth estimate for 2013 , which spooked investors with fears that a weaker Slow.weak global economy will demand lower Movement.down.loss fuels and oil than once anticipated .

The Energy Information Administration ( EIA ) slashed Cause.movement.down.loss its forecast of usage for U.S. Energy Information Administration crude .

The the agency slashed Cause.movement.down.loss slightly its estimate for demand in global oil this year to 310,000 bpd , for total annual demand of 1.10 million barrels per day ( bpd ) .