Oil markets will remain depressed through the fourth quarter of this year as oil storage levels continue to rise around the world.The closely watched EIA figures detailing weekly gains in inventory levels in the United States are just one piece of the puzzle. Crude oil storage is filling up in Europe and Asia as well. The Paris-based International Energy Agency estimated in its November report that global crude oil storage recently topped 3 billion barrels, a record high. The IEA notes that the phenomenon that originated in the U.S. at the beginning of the year has now spread across the OECD.
Source: Oil Price Rebound Not Imminent, But Underway | OilPrice.com