Brent crude increased on Friday, but is still on course to gain a weekly loss as increasing stocks weigh on the market.
Brent crude traded 70 cents higher at $44.76 per barrel, while US crude increased 15 cents and traded at $41.90, Reuters reported.
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According to the International Energy Agency (IEA), there were three billion barrels in tanks globally. In its monthly oil market report, the agency said that increasing inventories of crude and oil products worldwide may worsen the overhang into 2016.
IEA said: "Global oil supplies breached 97 million barrels per day (mb/d) in October, as non-OPEC output recovered from lower levels the previous month.
"Despite the resilience of producers such as Russia, non-OPEC supply is forecast to contract by more than 0.6mb/d next year. US light tight oil (LTO), the driver of non-OPEC growth, is expected to decline by 0.6mb/d in 2016."
Crude markets have been determined by the supply glut, and it is that estimated between 0.7 and 2.5mb/d that is being produced above demand.
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By GlobalDataOversupply is primarily due to high production by most major producers, including OPEC, Russia, as well as North America, according to the news agency.
