Oil Prices Extend Losses as IEA Report Reveals Record Global Supply

Investing.com – Oil prices extended losses on Thursday after the from the International Energy Agency showed a jump in global supply to an all-time high.

New York-traded sank $1.01, or 1.44%, at $69.36 a barrel by 4:34 AM ET (8:34 GMT), compared to $69.91 ahead of the report.

Meanwhile, , the benchmark for oil prices outside the U.S., lost 68 cents, or 0.85%, to $79.06, compared to $79.55 ahead of the release.

The (bpd), the IEA said in its latest release.

Crude output from the the Organization of the Petroleum Exporting Countries and Russia, rose to a nine-month high in August, to 32.63 million bpd, due to a rebound in Libya production and increases from Iraq, Nigeria and Saudi Arabia, the IEA said.

Non-OPEC supply was also up 2.6 million bpd, led by U.S. production.

The Paris-based agency did warn that ongoing declines in Iranian and Venezuelan output could risk market tightness.

The release follows on the back of the OPEC’s own , released on Wednesday, in which it in 2018 by around 20,000 bpd, due to slower-than-expected performance in Latin American and the Middle East in the second quarter.

In other energy trading, fell 0.82% to $2.0198 a gallon by 4:35 AM ET (8:35 GMT), while dropped 0.46% to $2.2474 a gallon.

Lastly, traded up 0.14% to $2.833 per million British thermal units.

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