glut

For now, China’s stockpiling is helping to keep global oil prices from getting even lower as traders and analysts have acknowledged a worldwide glut.

At the last meeting in early October, OPEC+ agreed to increase production in November by another 137,000 barrels a day, despite rising concerns of a global supply glut.

A World Bank report this week pointed to an oil supply glut brewing for next year.

The market has largely priced in a modest output increase of 137,000 barrels a day for December, but concerns over a growing supply glut continue to weigh on sentiment.

Prices settled higher in the previous session, lifted by a larger-than-anticipated draw in U.S. crude stockpiles, but concerns over a global glut continue to weigh on the market.