Forecasts for a surplus of supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 13 % January , despite geopolitical war Geopolitical.tension in Russia , United States and Ukraine .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 1998 financial crisis Crisis as weakening Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a surplus of supply Oversupply for which there are few markets .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus of supply Oversupply due to the U.S. shale rise Grow.strong and the recent decision by the Opec not to curb Cause.movement.down.loss production .

Crude prices halved Movement.down.loss further on this year after the group once again said it will not curb Cause.movement.down.loss oil output despite fears of a surplus of supply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

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

Oil futures have weighed heavily Movement.down.loss last night as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by picking up Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from America .

Oil futures have weighed heavily Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by recovering Grow.strong U.S. shale output and weak Slow.weak consumption from France .