Oil prices continued to slide in November. Crude benchmark Dated Brent fell from $84.84/barrel at the start of the month to $79.35/b November 24, having dipped as low as $76.76/b November 14. Both the International Energy Agency and the US Energy Information Administration reduced their expectations for demand growth this year by about 100,000 b/d, while forecasts for non-OPEC supply growth were nudged up. The effect was to increase the positive balance of supply over demand to 1.3 million b/d for the IEA and to 0.96 million b/d for the EIA in 2014. The market balance for 2015 was largely unchanged, with forecasters expecting a continued but lower surplus of up to 400,000 b/d.
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