The bank now projects its demand growth forecast at 0.9 million bpd and 1.2 million bpd for this year and next year, respectively.
Brent futures were down 11 cents, or 0.2 per cent, at 64.14 dollars per barrel by 0738 GMT.
"Despite the voluntary restraint from OPEC, world oil markets remain well supplied ... with non-OPEC output expected to rise by well over 2 million BPD next year, with big increases in the U.S., Brazil, and Norway", said Henning Gloystein, director of global energy and natural resources at Eurasia Group in a note.
The West Texas Intermediate Crude Oil market initially fell during Monday trading as we got reports from OPEC that they were cutting 500,000 barrels per day.
Data released on Sunday showed exports from China in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll. "China trade talks, the OPEC decision removes a fundamental uncertainty", said Stephen Innes, market strategist at AxiTrader.
Eagles could be without Johnson, Jeffery for stretch run
The rest of the injury news was a little more positive. "He then said Jeffery's harm is" a bit more significant. After meeting with the medical team on Tuesday, Pederson said this injury will be "a little more significant".
Bayern Munich v Spurs
At home in this one, Bayern can get a few bench players some minutes and rest stars for this weekend's league clash. And they have now confirmed that they will be without the quartet of players for Wednesday night's match.
Marcus Rashford-Cristiano Ronaldo comparisons easily, says Ole Gunnar Solskjaer
Speaking in an interview with Sky Sports , Lingard said: "I feel good, I feel back to myself, I feel fit, I feel sharp". The Norwegian striker is one of the hottest prospects and would go a long way to improving United's depth in attack.
Beijing hopes an agreement with the United States can be reached as soon as possible, China's Assistant Commerce Minister Ren Hongbin said on Monday.Monday's declines also went against signs on Friday that China was easing its stance on resolving the trade dispute with the United States, confirming that it was waiving import tariffs for some soybean and pork shipments.
The price drops also put an end to a strong run in previous sessions fueled by hopes for the OPEC+ production curb deal.
Oil producers, led by Saudi Arabia and Russian Federation, agreed last Thursday to cut output by an extra 500,000 barrels per day (bpd) in the first quarter of next year but stopped short of pledging action beyond March.
U.S. crude oil production as estimated by the Energy Information Administration showed that production for the week ending November 29 stood at a high of 12.9 million bpd for the second week in a row-1.2 million bpd more than at the start of the year, completely undoing OPEC's 1.2 million bpd production cut quotas for all of 2019.
Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US drill count fell in the week to December 6 - a seventh week of decline.