WTI Crude oil futures saw a hefty correction, falling well under $60 per barrel after oil cartel OPEC cut its oil demand forecast for 2019, trimming them for the fourth consecutive month. The cartel now only sees demand rising by 1.29 mb/d in 2019, down another 70,000 bpd from last month's forecast. At the same time, non-OPEC supply is expected to grow by a massive 2.23 mb/d next year, an upward revision of 120,000 bpd. OPEC also cut global economic growth estimate in 2019 to 3.5% from 3.6%.

WTI Crude oil futures resumed their slide and fell to one year lows after the OPEC forcasts hit the market. Oil had extended losses on Monday after US President Donald Trump pressurized the oil cartel OPEC not to cut supply to push up the prices. A continued correction in US stocks also weighed on the commodity and the WTI futures currently trade at $55.43 per barrel, down 0.45% on the day. Prices fell nearly 6% yesterday. MCX Crude oil futures were also hammered yesterday - tumbling 7.50% to end at Rs 4075 per barrel.

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