Non-Opec oil supply will surge by 120,000 bpd next year and the US, Canada, Kazakhstan and Russian Federation will lead the group of countries contributing to this increase.
USA crude futures (CLc1) lost $2.64, or 4.3 percent, to hit $57.30 a barrel, lowest since December 2017, as of 12:18 a.m. EST (1718 GMT).
Oil's fall accelerated on Tuesday, with USA futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.
In 2019, world oil demand growth is forecast to grow by 1.29 mb/d y-o-y, about 70 tb/d lower than last month's projection, with total world consumption to reach 100.08 mb/d.
OPEC warned on Tuesday that an oil supply glut could emerge in 2019 as the world economy slows and supply from rival producers rises more quickly than expected, building a case for a policy U-turn to cutting output at a meeting December 6. He said there was now an oversupply of oil, leading to plummeting prices, and that the kingdom would curb its output to stabilize the market.
Brent is in so-called "bear market" territory alongside USA crude as it has fallen by more than 20% since its peak - $86 in early October.
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Oil markets remained on a weak footing on Wednesday after a 7 percent slump the previous session, with surging supply and expectations of faltering demand pressuring crude prices.
Oil prices have dropped significantly in recent weeks, with the USA benchmark price dipping below $60 per barrel, according to Market Watch.
But several developing factors have pushed prices lower in the past few weeks.
What are countries doing to help raise oil prices?
Merrill Lynch says USA crude production will break through 12 million bpd in 2019, supporting oil exports to the rest of the world. Brent crude was at $65.89 a barrel, over 20 percent lower than in early October.
With U.S. production alone estimated to have hit 11.6 million bpd earlier this month as per figures from the Energy Information Administration, it's no wonder OPEC sees the United States as the biggest driver behind non-OPEC supply growth, which it sees this year at 2.31 million bpd.
On Monday, the rupee settled at 72.89 per dollar, showing a loss of 39 paise or 0.54 per cent over the last close due to a rise in oil prices after Saudi Arabia announced plans to cut production and the dollar strengthened in global markets.