Oil futures have hit hard Movement.down.loss January as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply overhang Oversupply caused by roaring Grow.strong U.S. shale output and diminished Movement.down.loss consumption from U.S .

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

Crude prices declined Movement.down.loss further on 2002 after OPEC once again said it will not disrupt Cause.movement.down.loss oil processing despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Crude prices slid Movement.down.loss further on the final quarter of 1991 after OPEC once again said it will not trim Cause.movement.down.loss oil production despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

However , a softening Slow.weak domestic economy could add to Situation_deteriorate the supply overhang Oversupply it said .

OPEC and Russia have reported that output hit record highs Position.high since the deal was announced , adding to fears that the global supply overhang Oversupply could persist well into 2017 .

Forecasts for a supply overhang Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 9 percent the prior month , despite geopolitical war Geopolitical.tension in Russia , United States and Ukraine .