The price of internationally traded oil fell below $65 for the first time in more than five years on Wednesday after Opec lowered forecasts of demand for its crude to their lowest level in a decade. The report by Opec, the producers’ cartel, underlined the looming supply glut facing oil markets amid surging US shale output and weakening global demand, raising hopes of a boost for consumers but piling further pressure on to oil companies. It worsened the already bearish outlook for oil, which has fallen 43 per cent since mid-June. Brent, the international benchmark, fell as much as 4.9 per cent to $63.56, the lowest level since July 2009. West Texas Intermediate, the US benchmark, also fell after US crude stocks unexpectedly rose. “For prices, the path of least resistance is down,” said Michael Wittner, analyst at Société Générale The price slide battered energy stocks, with shares in […]