Oil is trading lower. Brent Crude lost -0.97%, currently trading at USD54.14 a barrel - rebounding from an early selloff. West Texas Intermediate declined -0.76% currently quoted at USD44.50 after reaching a new 6-year low in today's trading on speculations that U.S. storage capacities might reach its maximum. Oil declined for a fourth consecutive week on Friday after government data showed U.S. output and stockpiles rose to the highest levels in more 30 years.

The IEA warned in its latest monthly oil report that the recovery in prices is fragile and that U.S. production might rebound despite a lower rig-count - further worsening the global supply glut. Today the OPEC will release its monthly report.

Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015 before declining again. Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.