West Texas Intermediate futures for April delivery fell to $32.79 (-1.80%), while Brent crude dropped to $34.12 (-1.64%) as market participants assessed a generally bearish report from the International Energy Agency. The agency estimates that U.S. oil output will decline by 600,000 barrels per day by the end of 2016. Nevertheless oil prices are unlikely to sustain gains as the supply glut will persist in the near-term future. Analysts believe that it will take more time to stabilize the market.