Oil prices have fallen further after the International Energy Agency lowered its forecast for global oil demand next year.

In its monthly oil report, the agency said global oil demand in 2015 will grow by 900,000 barrels a day, 230,000 less than previously forecast.

Following its report Friday, the benchmark New York oil price slipped further below $60 a barrel. In late morning trading in London, it was 72 cents lower at $59.23. Brent, the international standard, was 74 cents lower at $62.94.

The IEA said several years of record high prices have "induced the root cause" of the rout in oil prices in recent months — the surge in non-OPEC supply to its highest growth ever and a contraction in demand growth to five-year lows.