The price of oil has taken another dive, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand. The US Energy Department yesterday reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade. Benchmark US crude slumped 4.5 per cent, to close at 60.94 US dollar a barrel yesterday. Prices have not been that low since July of 2009. US crude prices have fallen 17 per cent in two weeks and are now 43 per cent below the 107.26 US dollar that a barrel fetched at its peak this year. Brent crude, an international benchmark used to price oil used in many US refineries, fell to close at 64.24 US dollar in London.