oversupply

Oil futures remain rangebound as geopolitical issues counter bearish concerns about global oversupply.

Gasoline prices in Canada fell 9.4% in October, in part after the switch to cheaper winter fuel blends as well as a drop in crude oil prices amid continued worries about oversupply, Statistics Canada said.

“Some of the volume we’ll get back. Some of it we will not, given the state of global demand and competitor oversupply,” he said.

Still, oil futures are on track for a weekly loss and remain down about 15% year to date on growing expectations of an oversupplied market.

Friday's surge of more than two percent came days after the commodity tumbled following OPEC's monthly crude market report, which forecast an oversupply in the third quarter.