Brent crude futures hovered near $94 a barrel on Thursday and were close to their lowest levels in more than two years, reflecting sustained pressure from plentiful global supply and weak demand conditions in Europe and China.
Opec's oil supply jumped to its highest in almost two years in September due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel oil prices, a report said.
Brent crude oil fell below $97 a barrel in Asian trade on Monday, moving closer to a two-year low hit last week due to weak data from major buyer China and a stronger US dollar.
The London benchmark has fallen from $115 in June as
Iran has urged Opec members to make joint efforts to keep oil prices from falling further, highlighting a split with other members such as Saudi Arabia who face lower budget pressures despite a slide in prices towards $95 a barrel.
Brent crude fell below $98 a barrel on Monday, down for the third session in four, as sluggish demand and abundant supplies outweighed a possible cut in oil output from the Organization of the Petroleum Exporting Countries (Opec).
Opec's secretary general said he expected the group to lower its oil output target when it meets in late November, which would be its first formal output cut since the 2008 financial crisis.
Abdullah Al Badri was speaking afte
Russian Energy Minister Alexander Novak will meet the Organization of the Petroleum Exporting Countries (Opec) officials in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget.
Organisation of Petroleum Exporting Countries (Opec) member Kuwait has said there was no need to call an emergency meeting for the producers' group to discuss sliding oil prices after crude hit a 17-month low.
“We do not
Brent crude dropped to a two-year low below $97 a barrel on Thursday, falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America.