(MENAFN) As market remained to be overwhelmed by an oversupply of crude oil in global markets, the oil prices continued its everlasting plagued slump, as the latest data showed.
Concerns about the global supply glut keep intensifying, especially after top oil exporters had made it clear that they'll increase production anyways, like Saudi Arabia and Iran.
Additionally, Iran will raise exports to about 2 million barrels per day throughout the next 6 months, and OPEC decided to keep crude production pumping at current level.
The United States led the stubborn pack as its crude yield added 3,000 to 9.179 million barrels a day over the week ending Dec-18, thus the situation doesn't look good at all.
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