2018.09.1307:40:00UTC+00Crude Oil Prices Drift Lower After IEA Report

Crude oil prices are notably lower Thursday morning, with a report from International Energy Agency saying global oil supply reached a record high in August.

The report from IEA says that global oil supply reached a record 100 million barrels per day in August, with output from OPEC countries and Russia rising to a nine-month high.

The jump to 32.63 million barrels per day, was due largely to higher output from Libya, Iraq, Nigeria and Saudi Arabia, says the report from IEA. Higher production in the U.S., lifted supply from non-OPEC countries by 2.6 million barrels per day, the report showed.

The agency however says that production may drop going forward due to falling output from Iran and Venezuela.

Crude oil futures for October delivery are down $0.89, or 1.26%, at $69.48 a barrel on the New York Mercantile Exchange. On Wednesday, crude oil futures ended up $1.70, or 2.5%, at $69.25 a barrel, snapping a four-day losing streak.

Data from U.S. Energy Information Administration that showed a notable drop in crude inventories in the U.S., and fears about the impact of hurricane Florence on oil supplies lifted crude oil futures on Wednesday.