A sense of deja vu settled over the oil markets overnight, with OPEC announcing record production levels for September and forecasting increased production from non-OPEC producers in 2017. Perhaps highlighting what an oil mountain they have to climb, to cobble together a meaningful production cut deal with the worlds producers to rebalance the supply demand equation.
The American Petroleum Institute (API) didn't help either by showing a surprise increase in crude inventories of 2 million barrels as opposed to a drawdown of 600,000 expected.
Crude responded predictably with both Brent and WTI falling just over one percent each to 51.30 and 49.70 respectively.
In the absence of any OPEC-Russia headlines to give crude its daily adrenaline shot, the market looks nervously to the EIA Crude Inventory figures due in the US this evening.