Oil further declined today with Brent Crude losing -0.30%, currently trading at USD56.91 a barrel - closing in on one-month lows set two days ago. West Texas Intermediate declined by -0.51% currently quoted at USD46.81.

Today the International Energy Agency said that the rebound in prices may be only temporarily and it might be overly optimistic to count on a continuation as the global glut is worsening with no signs of U.S. production to slow down - despite dropping numbers of active rigs. U.S. Crude stocks are at records and spare storage capacity may soon run out. The IEA further stated that it will take at least till the second half of 2015 for U.S. production to slow down.