Crude oil futures released its third consecutive weekly loss on Friday when the bulls pushing oil prices for almost four years raised their heads into retreat.
But bek Demand for weak demand and increasing production from OPEC and Russia have now focused on focusing on potential overuse.
"The supply crisis crisis with Iran was outweighed by this supply well that came on the market from OPEC and Russia and Saudi Arabia," said John Kilduff, founder of the Energy Capital Fund Again Capital.
Saudi Arabia says it hiked production to 10.7 million barrels a day in October and will increase production to 11 million bpd next month. Meanwhile, Russia said it was pumping on a post-Soviet epic peak of 11.36 million bpd in September. The OPEC Group with 15 countries also managed to increase its collective output last year, despite the decline in waste products in Iran and Venezuela.
Forecasts have also tempered their outlook for global oil consumption growth due to trade tensions, high oil prices and currency weakness in some emerging markets.
Hedge funds and money managers are now liquidating their long positions in oil, or aiming for the commodity price to continue to increase.
"The long side of the equation has bailed out," said Kilduff.