Asia 's diesel demand is expected to recover Grow.strong this year at the second weakest level Position.low rate since the 2014/15 financial crisis Crisis as deteriorating Slow.weak economies squeeze Cause.movement.down.loss demand and help build a glut Oversupply for which there are few markets .

In a monthly report issued on Wednesday , the IEA also lowered Cause.movement.down.loss its projection for consumption for OPEC crude this year , pointing to a surplus Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

Brent crude rose Movement.up.gain to $ 105 a barrel on Monday to come off of a four-month low Position.low hit in the previous session , with worries Negative_sentiment about global oversupply Oversupply still outweighing concerns Negative_sentiment about violence Civil.unrest in the Middle East and North Africa .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the OPEC not to disrupt Cause.movement.down.loss production .

The U.S. shale boom Grow.strong and threat of a global recession could lead to a oil-supply glut Oversupply , potentially driving OPEC to signal that it 's ready to deepen Situation_deteriorate supply curbs Cause.movement.down.loss .

Oil futures have weighed heavily Movement.down.loss Friday as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from Italy .

However , a weakening Slow.weak global economy could deepen Situation_deteriorate the supply surplus Oversupply it said .

Oil prices have collapsed Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to maintain Movement.flat the same level of output despite a global glut Oversupply caused by expanding Grow.strong U.S. shale output and diminished Slow.weak demand growth from China .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second weakest level Position.low rate since the 2014/15 financial crisis Crisis as deteriorating Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a supply surplus Oversupply for which there are few markets .

Weak Slow.weak economic growth combined with ample supply Oversupply has pushed oil prices down Movement.down.loss from a high Position.high for the year above $ 115 hit in June , complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with oversupply Oversupply due to the U.S. shale boom Grow.strong and the recent decision by the Organization of Petroleum Exporting Countries not to cut Cause.movement.down.loss production .

Iraq 's Oil Minister Thamir Ghadhban hinted at this possibility , saying at the CWC Iraq Petroleum Conference in London on Thursday that his country is committed to the OPEC + deal , but ready to satisfy demand growth when the oversupply Oversupply disappears .

Unplanned production cuts Cause.movement.down.loss from Canada to Nigeria eased the glut Oversupply that prompted the worst price rout in a generation .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 1998 financial crisis Crisis as weakening Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a surplus of supply Oversupply for which there are few markets .

Post-recession bounces in Europe and strong Grow.strong demand in India pushed global oil demand to a five-year high Position.high in the third quarter of 2015 , but a glut in supply Oversupply resulting from a shale oil boom Grow.strong and OPEC cartel politics has already weighed heavily Movement.down.loss on oil prices , according to CNBC .