Oil prices slipped for the fourth day in a row today on a gloomy outlook for oil demand growth from the International Energy Agency and worries that data expected later in the day would show US output rising, undermining OPEC cuts.

Brent crude futures were down 72 cents at $61.49 a barrel, after falling 1.5% yesterday, its largest one-day drop in a month. 

US West Texas Intermediate (WTI) crude was at $55.12 per barrel, down 58 cents. 

The Brent price has now shed nearly 5% in value since hitting its highest since mid 2015 last week. 

Losses were compounded yesterday after an unexpectedly gloomy global demand outlook from the Paris-based IEA. 

The IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for both 2017 and 2018 to an estimated 1.5 million bpd and 1.3 million bpd respectively. 

The demand slowdown could mean world oil consumption may not, as many expect, breach 100 million bpd next year, while supplies are likely to exceed that level. 

The IEA report countered a regular market update from the Organisation of the Petroleum Exporting Countries, which just a day earlier said 2018 would see a strong rise in oil demand. 

On the supply side, rising US output also pressured prices.

US oil production has already increased by more than 14% since the middle of 2016 to 9.62 million bpd and is expected to grow further. 

The IEA said non-OPEC production will add 1.4 million bpd of additional production in 2018. 

This puts pressure on OPEC, which has been withholding production along with some non-OPEC producers including Russia in a bid to end years of oversupply and defend crude prices. 

OPEC will meet on November 30 to discuss policy and is expected to agree an extension of these cuts.