Oil futures have sunk Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a global glut in supply Oversupply caused by growing Grow.strong U.S. shale output and bad Slow.weak demand growth from India .

The price of oil has sunk Movement.down.loss to levels not seen since 2002 as demand for crude collapses Movement.down.loss amid the coronavirus pandemic .

Saudi Arabia 's supply has almost sunk Movement.down.loss in the week ended October 27 to 80,000 bpd , as an economic crisis Crisis decimated its energy industry and Russia sanctions Embargo have now subdued Slow.weak its exports .

Both oil benchmarks have sunk Movement.down.loss 13 percentage since hitting four-year highs Position.high in January , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

-LSB- EIA/S -RSB- U.S. crude oil inventories were forecast to have sunk Movement.down.loss 2.2 million barrels in in the week ending February 16 , a preliminary Reuters survey of analysts on Monday showed .