---

More news pushes oil prices lower for another day.

The IEA stated in its monthly report that it expected oil markets to continue to be oversupplied in 2016 as supply growth outstrips that of demand due to an expected return of oil from Iran. Demand growth estimates were cut by 200k to 1.2m bpd.

Iran's parliament passed a bill to approve its nuclear deal with the P5+1 powers. It now needs to be ratified by the Guardian Council.

Chinese trade data released yesterday showed exports falling by 3.7% in September, less than an expected 6.3% decline. Imports on the other hand, fell sharply, down more than 20% year on year during the same month. Expectations were for a 15% decline.

We have weekly US crude oil inventory data out from the API later today. Taking a look at a poll taken by Reuters, we have expectations of a 2.85m bbl build, 0.06m bbl draw and 1.70m bbl draw in crude, distillate and gasoline inventories respectively.

We also have EU industrial production, US PPI and US retail sales figures scheduled for release today.