Record oil glut stands at 3b barrels

A record glut of oil is set to continue into next year and maintain pressure on prices, the International Energy Agency said on Friday. Stockpiles stand at a record three billion, the IEA said in its monthly report.

The report has added to falls on European stock markets, with the FTSE 100 shedding close to 1 percent on Friday.

Frankfurt and Paris also declined following sharp falls in Asian stock markets, with Hong Kong sliding 2.2 percent.

Investors also reacted to disappointing eurozone growth figures and a slump in commodity prices on the back of weaker demand from China.

Other factors affecting confidence include fears that the Federal Reserve will raise interest rates next month and poor corporate results from heavyweights including Rolls-Royce and E.On this week.

The FTSE 100 was down 0.98 percent at close of trading after closing down 1.9 percent on Thursday, while Frankfurt's Dax fell 0.7 percent and the Cac in Paris shed 1 percent.

There were no risers on the French market, with aerospace and defence company Safran topping the fallers with a near 6 percent slide.

Craig Erlam, senior market analyst at Oanda trading group, said: "The market was primed for some form of correction following a good five weeks for investors."

Growth in the 19-nation eurozone slowed to 0.3 percent in the third quarter, official figures indicated on Friday, with Germany slowing as France returned to expansion.

"Slower eurozone GDP growth... will intensify already strong belief that the ECB will deliver more stimulus at its December policy meeting," said Howard Archer, chief European economist at IHS Global Insight.

Oil prices have more than halved in the past 18 months as US shale oil output and a refusal by nations in the OPEC cartel to cut production added to oversupply.