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Oil prices fell on Thursday as the Organization of Petroleum Exporting Countries (OPEC) predicted a slowdown in demand for its crude oil next year, rising to more than a month's high after U.S. producers cut local crude oil production by nearly half before the Gulf of Mexico storm.
Brent crude oil futures fell $0.49 to close at $66.52 a barrel. It hit a record high of $67.65 a barrel since May 30.
U.S. crude oil futures fell $0.23 to close at $60.20 a barrel, after hitting a peak of $60.94 since May 23.
As Tropical Storm Barry intensified on Thursday, oil companies shut down more than 1 million barrels of oil a day, equivalent to 53% of the Gulf of Mexico's production.
The storm, which could become a hurricane this week, is passing through the north-central Gulf of Mexico.
OPEC forecast Thursday that global demand for its crude oil will decline next year as competitors increase production, suggesting that despite OPEC's extension of its production restriction agreement with its allies, there will be a resurgence of oversupply.
OPEC gives its first forecast for 2020 in its monthly report. The group said global demand for crude oil from its 14 member countries would be 29.27 million barrels a day next year, down 1.34 million barrels a day from this year.


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