OPEC is anticipating a supply glut in the first half of next year and prices are already lower than most members need to balance their budgets.

And WTI is extending losses from the inventory build.

As we detailed earlier, a bigger than expected crude build reported by API overnight sparked selling in oil prices but since the US equity market opened, WTI has been panic-bid presumably on yet another round of optimism that trade tensions between the U.S. and China are easing, potentially alleviating downward pressure on the global economy.