Oil prices lost some of their profits made when the week started. Brent is trading at $45 per barrel, and WTI is trading at $42 per barrel. There is an increase in the geopolitical tensions again.

He assured French President Hollande that moderate rebels will not be effected and air strikes on IS would be intensified and coordination would be better, which makes international alliance against IS, which became skeptical from Tuesday's Russian warplane shot down incident.

"Oil market participants are thus focusing their attention on the oversupply again, which is likely to remain in place well into 2016 and result in a further increase in stock levels", says Commerzbank in a research note. 

The oil inventories increased for the 9th consecutive week in US, and now are modestly lower than last spring's record level. According to PJK International, gas oil stocks in Western Europe also rose again this week and as such are again nearing their early-October record level. 

Therefore there is ample supply of the middle distillates. There is no support from the weather as well currently, the mild temperatures for next few days are likely to result in further inventory build as there will be lower heating demand correspondingly.