Brent crude and West Texas Intermediate are trading at new lows. Brent Crude lost -1.04% trading currently at USD63.02 a barrel slipped below the 63 dollar mark, its lowest since July 2009, and West Texas Intermediate declined -1.38% currently quoted at USD59.12 as the IEA cut its demand forecast for 2015. The IEA reduced its estimate for global oil demand growth in 2015 by 230,000 barrels a day. Oil's collapse into a bear market has been exacerbated as OPEC's three largest members offered the deepest discounts on exports to Asia in at least six years. The group decided against reducing its output quota at a meeting last month, letting prices drop to a level that may slow U.S. production that's surged to the highest level in more than three decades.