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Light, sweet crude for December delivery fell to as low as 55.62 U.S. dollars a barrel before settling at 56.16 dollars a barrel, trading down 3.17 dollars, on the New York Mercantile Exchange. It is the lowest settlement price since January 2007.
The U.S. Energy Department Energy Information Administration (EIA) said in a report on Wednesday that it has cut the forecast of crude output in 2009 by 740,000 barrels per day. The total demand next year is expected to average 85.93 million barrels per day, compared with estimates of 85.89 million barrels per day for this year, according to the EIA report.
The EIA report also predicted that the oil demand in the United States may fall by more than 1 million barrels a day for the first time since 1980 this year.
Oil has shed around 62 percent from its record price of 147.27 dollars a barrel reached on July 11. OPEC President Chakib Khelil said on Wednesday that the organization may cut oil production again, possibly by the end of this month if prices keep falling and the world economy weakens further.
In London, Brent crude for December delivery fell 3.34 dollars to settle at 52.37 dollars a barrel on the ICE Futures Exchange.