Oil Trading Giants Say Market’s Long-Awaited Surplus Is Here

A long-anticipated oil surplus is finally starting to emerge and is likely to depress prices, some of the world’s top commodity traders said.

Brent oil has slumped 11% since late last month as the Organization of the Petroleum Exporting Countries and its allies — as well as nations outside the group — pour barrels into a market that’s widely viewed as facing an excess. The forward curve that traders use to gauge market strength is also painting a bearish picture in the US next year.