Front end Brent crude oil futures were trading slight higher on Friday despite a three month low due to oversupply concerns.

The front-month Brent crude contract increased 25 cents and traded at $44.43 a barrel, while the US WTI crude traded flat at $40.54 a barrel declining 21 cents, Reuters reported.

Sucden analyst Kash Kamal told the news agency: "The market is fatigued from having looked at the production statistics and the ever increasing supply glut."

Further Kamal added saying that fluctuations in the US dollar may impact crude prices and could make oil and other commodities expensive for other currency holders.

"Data from the Energy Information Administration (EIA) highlighted an eighth straight week of increase in inventories."

As supply surpassed demand by 0.7 million to 2.5 million barrels a day, crude futures have declined around 60 percent since mid-2014.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This created a glut that may last into 2016, according to analysts.

Data from the Energy Information Administration (EIA) highlighted an eighth straight week of increase in inventories, which impacted US crude futures.

Following forecasts for an unusually warm winter which could flatten demand, market analysts suggest that oil traders are preparing for another downturn in prices by March next year.