Brent oil falls 3.2% to $37.1 per barrel on IEA report

MOSCOW, Dec 14 (PRIME) -- February futures for Brent crude oil decreased by 3.18% to U.S. $37.1 per barrel at 2:39 p.m. Moscow time on Monday after the International Energy Agency (IEA) said that the market will see excessive oil supply until the end of 2016, according to data of the ICE trading platform.

January futures for WTI oil fell 2.57% to $34.70 per barrel.

The IEA also said that global demand for oil is likely to increase by 1.8 million barrels per day in 2015 and by 1.2 million barrels per day in 2016.

Investors also expect the U.S. Federal Reserve System (Fed) to increase the key rate in December that supported the dollar and put markets for raw materials under pressure.

A recent sharp decrease in oil prices was caused by an OPEC decision to keep its production quota flat at 30 million barrels daily and to maintain the level of actual oil output, which exceeds the quota by 1.5 million barrels.

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