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

Oil prices have slid Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption 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 .

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

Oil futures have dropped Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by rising tide Grow.strong U.S. shale output and anemic Slow.weak demand from France .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could increase Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian supply likely to remain plentiful Grow.strong in 2016 as well .

Forecasts for a supply surplus Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 5 percent last month , despite geopolitical war Geopolitical.tension in Russia , Saudi Arabia and Ukraine .

This will not prevent , however , a third-quarter supply surplus Oversupply of 1.2 million bpd .

In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also cut Cause.movement.down.loss its forecasts for demand for OPEC crude this year and next , pointing to a supply surplus Oversupply of more than 1 million bpd in 2015 if OPEC keeps output at current levels .

World oil prices are set to shrink Movement.down.loss further , extending a months-long rout as Nigeria is unlikely to make deep enough production caps Cause.movement.down.loss to erase a growing supply surplus Oversupply .

Oil prices have fallen Movement.down.loss early November as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss use from Germany .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .