Unsold Oil From Middle East Hints at Early Signs of Global Glut

Unsold Middle Eastern crude cargoes from the recently wrapped up trading cycle are pointing to early signs that an expected global oil surplus could be starting to emerge.

The volume of unsold oil set to be loaded in November ranged from 6 million barrels to 12 million barrels, according to estimates from traders familiar with the matter, asking not to be identified as they’re not authorized to speak to the media. Sellers include the United Arab Emirates and Qatar, they added.