Oil markets are also confronting the possibility of a growing global supply surplus

Oil markets are also confronting the possibility of a growing global supply surplus

According to JPMorgan Chase, worldwide petroleum production exceeded consumption by approximately 1.4 million barrels per day in October.

Middle East petroleum exports have recovered substantially, while production from the United States, Brazil and Canada continues to support global supply.

Reuters reports that Middle Eastern crude producers are increasingly competing for customers by reducing selling prices.

These developments suggest that international crude markets could face additional downward pressure if Middle East transportation conditions continue improving.