`` Oil futures have not ballooned Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 1980s , '' the IEA said .

Global crude oil stockpiles have ballooned Movement.up.gain to a record high Position.high , providing the world markets with an unprecedented `` three billion barrel cushion , '' a report by the International Energy Agency -LRB- IEA -RRB- noted Friday .

Https://www.reuters.com/news/archive/GCA-Commodities/article/us-markets-oil/brent-crude-falls-to-13-month-low-on-ample-supply-demand-worries-idUSKBN0GC1QK20140812 NEW YORK ( Reuters ) - Brent crude oil sank Movement.down.loss to a 13-month low Position.low on 1980s as ballooned Movement.up.gain non-OPEC production helped dampen worries Negative_sentiment over potential supply cuts Cause.movement.down.loss in Mexico and Libya .