Benchmark oil prices fell to new five-year lows after OPEC cut its demand outlook for global oil consumption and U.S. data showed a surprise jump in oil inventories.

In a monthly report, the Organization of the Petroleum Exporting Countries forecast demand for the group's oil will drop to 28.92 million barrels per day in 2015, down 280,000 bpd from its previous expectation.

U.S. crude futures for January settled 4.5 percent lower at $60.94 per barrel, the lowest since July 2009.

Brent futures fell by nearly $3 to $64 a barrel, having earlier touched $60.63, a level not seen since July 16, 2009.

The U.S. government's Energy Information Administration showed U.S. commercial crude inventories climbed 1.5 million barrels last week. Analysts had anticipated a draw down of 2.2 million barrels. Stockpiles of U.S. crude stood at 380.8 million through the week ending Dec. 5.

Gasoline stocks also rose by 8.2 million barrels, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel build.

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The price of the North Sea oil benchmark has fallen more than 40 percent since June as new supplies of high-quality crude from North America have fed a glut of fuel in many parts of the world.