The continuing problems in Europe also saw the International Energy Agency cut its forecast for oil demand.

BBC: Eurozone's growth has stalled, says EU

The International Energy Agency lifted its demand forecast for next year and raised its projections for consumption to 2015, citing stronger US growth.

BBC: Oil demand rises on global economic recovery, says IEA

The International Energy Agency (IEA) reduced its forecast for demand growth, but still expects the world to consume 1.2 million more barrels of oil each day next year than this year.

FORBES: Falling Oil Prices: Worrying Trend Or Saving Grace?