TOKYO, Dec 14 (Reuters) - Crude oil futures slipped in early Asian trade, adding to a slump on Friday following a forecast from the International Energy Agency (IEA) that the global glut of oil is likely to deepen next year.
Brent crude LCOc1 , the global benchmark, fell below $38 a barrel for the first time since December 2008 on Friday after the IEA said demand growth is slowing, while OPEC output remains high, pointing to a bigger glut in coming months. urn:newsml:reuters.com:*:nL8N1400YJ
The U.S. benchmark, West Texas Intermediate CLc1 , settled in $35 territory for the first time since February 2009, paring earlier losses after data showed that U.S. drillers cut the number of oil rigs to the lowest since April 2010.
Front month WTI was down by 14 cents at $35.48 a barrel by 0100 GMT on Monday, after falling 3.1 percent on Friday and 11 percent for the week.
Brent declined by 5 cents to $37.88 a barrel, following a decline of 4.5 percent on Friday and 12 percent on the week.
Both of the oil benchmarks have fallen every day since OPEC on Dec. 4 abandoned its output ceiling.
The group has been pumping near record levels since last year in an attempt to drive higher-cost producers such as U.S. shale firms out of the market.
"World oil markets will remain over supplied at least until late 2016," the IEA said in its monthly report, tempering the gloomy outlook by adding "the pace of global stock builds should roughly halve next year."