Oil prices set to stay weak

A global glut of oil sent prices skidding this summer, and demand is expected to remain soft in the coming months. Brent—the global benchmark—and US benchmark crude have fallen about 15% from their mid-June highs and closed the quarter at more-than-one-year lows. Brent prices settled below $100 a barrel Sept. 9 for the first time in 16 months and haven't topped that level since. Brent fell $2.53, or 2.6%, to $94.67 a barrel Tuesday, the lowest price since June 28, 2012. Prices posted a 16% quarterly loss. The US benchmark fell $3.41, or 3.6%, to $91.16 a barrel, the lowest price since May 1, 2013. US futures fell 13% in the third quarter and posted the largest daily decline on Tuesday since November 2012. WTI last topped $100 a barrel in July. Adding to the supply glut, the world's oil output hasn't been seriously dented by violence in the Middle East, Europe and Africa. Libyan production actually rose from around 200,000 barrels a day in the spring to more than 800,000 barrels a day in mid-September, despite continuing unrest, according to wsj.com