Crude oil futures continued their slide on Thursday as the glut in the commodity's supply met weak global demand.
According to MarketWatch, on the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $80.14 a barrel after a drop of $1.64, or 2 percent, in the Globex electronic session. It briefly went below $80 ahead of the open of Thursday's regular trade. November Brent crude on London's ICE Futures exchange fell $1.09, or 1.3 percent, to $82.69 a barrel.
The oversupply has led some analysts to predict that the U.S. Energy Information Association will announce a buildup in crude oil inventories of roughly 2.2 million barrels. OPEC nations have not pulled back on their production of crude oil despite the flagging prices.
"What you have is an oversupply because since 2012 non-OPEC production has surpassed demand," said Pedro Antonio Merino Garcia, chief economist at Repsol S.A. at the Platts Asian Crude Oil Summit.
Bloomberg reported that the $80 mark may be the new floor for awhile as OPEC keeps up its deluge of crude oil production.
"Eighty is the new $100. OPEC still seems to be waiting for the market to find a bottom. For the longer-term $80 should be a solid floor," said Eugen Weinberg, Commerzbank's Frankfurt-based head of commodities research, said in a phone interview with Bloomberg.
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