Non-OPEC supplies are expected to increase by a near-record 1.7M barrels per day to 56.4m next year, says the IEA in its monthly report. In addition to the big supply number, the IEA also slightly trimmed its world demand estimate - now seeing an increase of 1.1M barrels to 92M barrels per day.
"If the IEA picture on the supply side is correct, there is a real risk that Brent prices (BNO) will drop below $100 a barrel during 2014," says analyst Hannes Loacker.
WTI crude -1.3% to $101.64. Brent -0.3% to $111.45.