West Texas Intermediate futures for December delivery slid to $41.65 (-0.22%), while Brent crude is currently at $44.63 (+0.16%) as market participants turned their focus back to the persistent oversupply issue.

Analysts expect oil to meet 2016 at low prices. Many traders expect further price drops. The U.S. Commodity Futures Trading Commission reported that managers lowered their net long U.S. crude futures and options positions in New York and London by 27,456 contracts to 127,351 in the week ending November 10.