A looming global recession is undermining worldwide demand for oil, the Organization of Petroleum Exporting Countries said Monday, as it slashed its forecast for growth in world oil demand for both this year and next. OPEC said in its November monthly report that continued robust demand in developing and emerging economies would not be sufficient to offset slumping demand in highly developed countries. “Led by losses in the US, OECD oil demand showed a major drop of 1.7 million barrels per day (bpd) year-on-year in October. In Monday trade, light sweet crude for delivery in December rose 15 cents to $57.19 a barrel on the New York Mercantile Exchange. Brent North Sea crude for January nudged up one cent to $54.25 late in London on the InterContinental Exchange (ICE).
