Oil falls nearly 4% after IEA cuts demand outlook

Crude-oil futures fell to their lowest since May 2009 on Friday, briefly dropping below $57 a barrel, after the International Energy Agency delivered the latest reduction in forecasts for global oil demand.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -4.10% fell $2.14, or 3.6%, to settle at $57.81 a barrel.

On Friday, oil changed hands for as little as $57.34 a barrel, and the settlement was the lowest since May 15, 2009.

January Brent crude on London’s ICE Futures exchange LCOF5, -3.22%  fell $1.83, or 2.9%, to end at $61.85 a barrel on Friday. On the week, Brent lost 10%. Friday’s settlement was the lowest since July 14, 2009.