News Summary

• West Texas Intermediate traded in a more than $1 range before settling near $58 a barrel.
• Although the US plan to refill the Strategic Petroleum Reserve supported prices, it wasn’t enough to shift sentiment in a market that has declined by more than 10% since late September.
• The amount of crude on tankers at sea has risen to a record high, signaling that a long-anticipated surplus may have started to materialize.
• The International Energy Agency expects world oil inventories to exceed demand by almost 4 million barrels a day next year.