Econ Summary: Oil keeps falling as forecast is cut

International Energy Agency cuts outlook for 2015 global oil demand

  • IEA says growth in oil demand will be 230,000 barrels a day less than forecast in November. 

WTI Crude falls below $60 a barrel 

  • Following the IEA report, WTI crude fell below $60 a barrel; currently trading down 2.27 per cent at $58.59. 

Brent at just over $62 a barrel, lowest in 5 years

  • Brent crude trading down 1.85 per cent at $62.50 a barrel, the lowest since July 2009. 

Chinese industrial production disappoints markets

  • Industrial production for November up 7.2 per cent year on year, versus 7.7 per cent in October; retail sales were up 11.7 per cent y.o.y for the month versus 11.5 per cent in October.