Oil markets fell today after OPEC cut its global oil demand forecast and a plan to expand the eurozone rescue fund was not favoured by Slovakia.

Brent crude for November lost 8¢ to stand at $110.65 a barrel and US crude fell by 37¢ to $85.44 a barrel, reports Reuters.

OPEC cited that the move was due to a downturn in developed countries and efforts by China and India to curb their fuel use.

Slovakia voted against a plan to expand the eurozone rescue fund, which is seen as crucial to containing the region’s debt crisis; this hurt investor confidence, causing the dollar to strengthen against the euro.