The price of Brent crude oil declined to a five-and-a-half-year low of $63 a barrel on Friday amid concerns of a worldwide supply glut and dip in oil demand.

Reuters reported that Brent declined 12 cents to trade at $63.56 a barrel, while US crude was down 53 cents at $59.41 a barrel.

"The high oil demand in China stood at more than ten million barrels per day in the last three months."

OPEC slashed its 2015 demand forecast this week to its lowest in more than ten years.

Data from China revealed near-record refinery runs in November despite weaker than estimated factory production growth.

The high oil demand in China stood at more than ten million barrels per day in the last three months. The demand is expected to help push the price of crude up; however prices have declined around 40% since June this year.

Prices were driven down this week following comments by Saudi Arabia Oil Minister Ali al-Naimi that the kingdom will not cut production, as well as a surprise increase in US crude and distillate inventories.

Citing a trader, Reuters reported that Kuwait has set the official selling price for crude sales to Asian buyers for January at $3.95 a barrel, below an average of Oman / Dubai quotes.

Several traders predict that other OPEC members, like Algeria and Venezuela, may convince the group to hold an emergency meeting in early 2015.

Energy