The price of crude oil has fallen to fresh five-year lows in the wake of two separate reports indicating a global supply glut. OPEC oil producers released a forecast indicating less global oil demand next year. Meanwhile, Crude oil price plunged 2.57 per cent to Rs 3,718 per barrel today as participants indulged in offloading their positions amid a weakening trend in Asian trade. The influential oil commentator Jorge Montepeque at price assessor Platts said that the price could fall further. In its report, OPEC said that it expected demand for its crude oil to fall to 28.9 million barrels per day next year, which is near ten-year lows.