OPEC and EIA reports deepen concerns about oversupply, oil prices plummet 4% to the largest drop since June.

According to the Securities Times APP, as signs suggest that the long-awaited oil surplus situation has emerged, oil prices continued to fall after a sharp drop on Wednesday. WTI crude oil prices fell to $58 per barrel, with a drop of over 4% the previous trading day, marking the largest decline since June. Meanwhile, Brent crude oil prices are below $63 per barrel. OPEC stated that global supply exceeded demand in the third quarter, and the US Energy Information Administration (EIA) raised its forecast for US production next year from 13.51 million barrels to 13.58 million barrels.