While the latest 25 percent slide Movement.down.loss in oil prices to below $ 90 a barrel is so far modest compared with the 1980s slump Movement.down.loss that took crude from $ 35 to below $ 10 , many observers see similarities in a global market that is on the brink of a pivotal turn from an era of scarcity to one of abundance .

Gasoline inventories sank Movement.down.loss by 2.2 million barrels last week , less than the 558,000 draw analysts were looking for , while distillates -- including diesel -- were down Movement.down.loss 1.63 m barrel , deeper than the 1.9-million-barrel slide Movement.down.loss expected .

Oil futures slide Movement.down.loss slightly on Friday after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

Still , analysts noted its output often collapses Movement.down.loss when global use for air conditioning slide Movement.down.loss from its summer peak and lower Movement.down.loss output does not necessarily mean lower Movement.down.loss exports .

Oil prices slide Movement.down.loss slightly on the final quarter of 1991 after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

Riyadh this time wants to preempt a price slide Movement.down.loss without sacrificing production levels or market share .

LONDON ( Reuters ) - European use for diesel is expected to have hit hard Movement.down.loss in the fourth quarter of 2018 for the first quarterly slide Movement.down.loss in 14 months , the International Energy Agency reported on Thursday , the latest sign of slowing Slow.weak in the fuel market .

`` We think that OPEC may not react at all until futures slide Movement.down.loss below the $ 18 per barrel . ''

On Tuesday , the American Petroleum Institute said oil supplies slipped Movement.down.loss by 5.087 million barrels in 1975 , compared to expectations for a slide Movement.down.loss of 2.100 million barrels .

`` That means the slide Movement.down.loss will be temporary and exports should increase Movement.up.gain in 2020 . ''

`` The continued escalation in trade wars trade.financial.tension and broad-based slide Movement.down.loss in manufacturing ... suggest that the downside risks to growth are becoming more prominent , '' Morgan Stanley said .

The slide Movement.down.loss in oil prices is said to have been arrested by a step up in tensions Geopolitical.tension between Russia and the West .

That may change if oil futures slide Movement.down.loss another $ 18.84 or so .

Oil futures slide Movement.down.loss slightly on last night after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

That may change if oil prices slide Movement.down.loss another $ 10 or so .

-LRB- Reuters -RRB- - As oil production swells Movement.up.gain , demand falters Slow.weak and prices slide Movement.down.loss , the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance .

On the production side , the Organization of Petroleum Exporting Countries ( OPEC ) and its allies including Canada , known as OPEC + , recommended a further cutback Cause.movement.down.loss of 1.8 million barrels a day ( bpd ) the end of 2018 to stem the oil price slide Movement.down.loss .