LONDON: World oil prices fell on signs of weaker-than-expected crude demand in top consumer the United States, having earlier struck major lows on global demand fears.

Brent North Sea crude for delivery November retreated 65 cents to $91.46 per barrel.

US benchmark West Texas Intermediate (WTI) for November shed $1.12 to $87.73 per barrel.

The Department of Energy said that American crude reserves climbed by 5.0 million barrels in the week ending October 3.

That signalled weaker-than-expected demand because market expectations had been for a much smaller gain of 1.9 million barrels, according to analysts polled by Dow Jones Newswires.

“Oil inventories data ... showed stocks even higher than expected, which put further pressure on WTI and Brent,” said CMC Markets analyst Jasper Lawler.

In earlier Asian trading hours, the oil market had forged multi-year lows after the International Monetary Fund (IMF) cut its global economic growth forecasts, denting energy demand hopes.

New York’s light sweet crude hit $87.39 per barrel, the lowest level since April 18, 2013.

Brent oil prices slumped to $90.76, touching a point last witnessed on June 26, 2012.

“The ... drop was due to the IMF cutting its global economic growth forecasts, as many eurozone countries and Japan forecast weaker growth, suggesting less demand for oil,” said analyst Rebecca Hermolle at British-based energy consultancy Inenco.

The IMF on Tuesday lowered its global economic growth outlook, warning of stagnation in advanced economies. It trimmed this year’s growth forecast to 3.3 percent, down from its July estimate of 3.4 percent, and projected 2015 growth of 3.8 percent, down from 4.0 percent.

As for the 18-nation eurozone, the IMF cut its growth forecast to a measly 0.8 percent in 2014 and 1.3 percent in 2015.

The oil market had fallen Tuesday on the IMF news, as traders also weighed further disappointing data out of the eurozone, where the stuttering economy is suggesting weaker energy demand.

Germany, Europe’s largest economy, saw a sharp 4.0 percent drop in industrial output in August, official data showed Tuesday.

The news came a day after statistics office Destatis said that German factory orders had slumped 5.7 percent in August.