7 per cent and Brent fell 3."Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016," British bank Barclays said. Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014 Singapore: Oil prices remained under pressure in Asia Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year.

Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices. Oil prices have plunged pvc crust foam board screw barrel Manufacturers by more than half from peaks of over $100 a barrel in mid-2014Representational Image.8 percent after the report, which also showed US crude oil production continued to ramp higher.

Oil prices have plunged by more than half from peaks of over $100 a barrel in mid-2014.end-ofLocation: Singapore.2 million barrels last week, far higher than analyst expectations of an increase of 1.WTI sank 2.Members of the Organization of the Petroleum Exporting Countries (OPEC) have also kept production high in an aggressive bid to retain market share.5 million barrels per day in recent months, Barclays said, but this is still more than its output ceiling of 30 million barrels per day.Prices were hammered Thursday after the US Department of Energy reported that commercial crude inventories in the world's top oil consumer grew by 4.3 million barrels.US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.

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