Crude prices are declining after the International Energy Agency said that there are a record 3 billion barrels of crude and oil products stockpiled worldwide.
A stubborn global supply glut is responsible for crude prices more than halving over the past year and a half as OPEC has responded to increased U.S. production by maintaining its own production levels.
In today's report, the IEA said that the oversupply could continue into next year.
"The current forecast is for a mild winter in Europe and the U.S. If it turns out to be true, bulging stock levels will add further pressure and oil market bears may choose not to hibernate," the IEA said, according to Reuters.
Industry standard Brent crude for December delivery is down by 0.82% to $43.70 per barrel while West Texas crude for December delivery is down by 2.80% to $40.58 per barrel.
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