The IMF earlier said it trimmed Cause.movement.down.loss its 2013 world economic growth forecast to 3.3 % , down Movement.down.loss from a January projection of 3.5 % , while the multilateral lending institution 's 2014 growth forecast fell Movement.down.loss to 4.0 % from 4.1 % .

Both oil benchmarks have fallen Movement.down.loss 3.3 percent since hitting four-year highs Position.high in January , as hedge funds have trimmed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

LONDON -LRB- Reuters -RRB- - OPEC trimmed Cause.movement.down.loss its 2014 global oil demand growth forecast for a second consecutive month and said the group managed to increase Movement.up.gain output in July despite violence Civil.unrest in Iraq and Libya , pointing to more Movement.up.gain comfortable global supplies .

In a monthly report on Friday , the Organization of the Petroleum Exporting Countries trimmed Cause.movement.down.loss its projection for consumption in global oil 2014 to 1.10 million barrels per day ( bpd ) , below Movement.down.loss 70,000 bpd .

The IEA trimmed Cause.movement.down.loss slightly its forecast for demand growth in global oil this year to 1.2 million bpd , for total annual demand of 95.9 million bpd .

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

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

Last week analysts at IEA trimmed 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 slid Movement.down.loss more than 15 percent since hitting four-year highs Position.high in late April , as hedge funds have trimmed Cause.movement.down.loss bullish forecast on crude to a one-year low Position.low .

In a monthly report on Friday , the Organization of the Petroleum Exporting Countries trimmed Cause.movement.down.loss its projection for demand growth in global oil this year to 1.10 million barrels per day -LRB- bpd -RRB- , down Movement.down.loss 30,000 bpd .

The U.S. Energy Information Administration ( EIA ) on Tuesday trimmed Cause.movement.down.loss its global oil demand projection for this year by 240,000 barrels per day as the virus outbreak crimps Cause.movement.down.loss oil demand growth in Korea .

OPEC also trimmed Cause.movement.down.loss forecast global demand for its crude oil in 2014 to 29.61 million bpd , down Movement.down.loss 70,000 bpd from the previous estimate , citing the lower Movement.down.loss demand forecast and a higher Movement.up.gain expectation of non-OPEC supply .

OPEC trimmed Cause.movement.down.loss next year 's growth estimate by 20,000 bpd .

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 % .

In a monthly report issued on Wednesday , the Energy Information Administration ( EIA ) also trimmed Cause.movement.down.loss its forecasts for demand for OPEC crude this year , pointing to a supply glut Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .