Crude oil futures weakened significantly in November; this was not only due to
oversupply, it was linked to physical demand and storage issues as well. Crude oil
storage swelled on land to record levels. Refinery demand was low on prolonged
outages. Oil markets have been dogged by oversupply, with an estimated 1.8 mb/d
above demand being produced. Crude futures prices were also pressured as the dollar
rallied to record highs and concerns faded that escalating tension in the Middle East
could disrupt supply. A tumble in Chinese equities added pressure to an oversupplied
market. The oil complex as a whole has been weakened by concerns that stockpiles of
refined US oil products, such as heating oil, were also growing, with refineries ramping
up output as they emerge from maintenance season amid milder