Oil continues sliding amid concerns that supplies are rising while demand falters. Shale oil is set to boost U.S. crude output to the most in more than three decades. Supplies from OPEC rose in September. Refineries in U.S continue to boast surplus in production.
Saudi Arabia, the world’s biggest exporter, cut prices for November exports to Asia to the lowest level since 2008. The IMF reduced its global growth forecast for this year and next, further declining expectations for demand for oil for manufacturing and production usage in industries.