Iraqi oil flow to the USA reaches 3 year high

Analysts are worried about growing oil glut and rising tensions in Middle East.
The North American benchmark oil price was trading slightly above US$40 a barrel Friday for its lowest price since August.
But the current forecast is for a mild winter in Europe and the US If it turns out to be true, bulging stock levels will add further pressure and oil market bears may choose not to hibernate.
In last eight sessions, seven times oil price has fallen. According to US government data, rise of oil in US crude inventories have been noted. Brent crude futures were at $45.84 a barrel, up merely 3 cents following a 3.4 percent fall the previous day.
According to the U.S. Energy Information Administration report, it expected the balance between supply and demand to move closer to the equilibrium. Total crude oil supply and refined products rose 2.6 million barrels to 1.3 billion barrels, near all-time highs.
Oil is traded in US dollars and a buoyant USA currency would make the commodity more expensive for those holding weaker units, lowering demand and prices. There were also a few notable oil-price forecasts this week, including the EIA's lowered projection for 2016 average oil prices by $2 per barrel to $56 per barrel.
In last month, supply from OPEC members has changed a little. According to the reports, at 31.76 million barrels a day as declines in Iraq and Kuwait countered gains in Libya, Saudi Arabia and Nigeria.
Global oil demand growth has not been fast enough to soak up the excess in supplies and analysts say a rebalancing of the supply-demand situation is needed for a sustained uptick in prices. Diesel futures fell 2.5% to $1.4116 a gallon.
The global Energy Agency (IEA) has observed a record 3 billion barrels of crude and oil products in tanks worldwide. Demand growth will ease next year to 1.2 million barrels a day as the stimulus from cheap fuel fades and Chinas economy remains problematic. U.S. crude futures were 80 cents, or 1.9 per cent, lower at $42.13.