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(Bloomberg) — Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies amid a global glut.

Futures slid as much as 1 percent in New York, dropping for a fifth day. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.
Oil’s rebound from a six-year low has faltered on signs the global surplus will be prolonged as the U.S. pumps near the fastest rate in three decades and leading members of OPEC pump at a record. The Bloomberg Commodity Index dropped for a fourth straight session Monday, extending its plunge to a 13-year low.

West Texas Intermediate for September delivery fell as much as 47 cents to $46.92 a barrel in electronic trading on the New York Mercantile Exchange and was at $47.07 at 9:14 a.m. Sydney time. The contract dropped 75 cents to $47.39 on Monday, the lowest close since March 20. The volume of all futures traded was about 48 percent below the 100-day average. Prices have lost 23 percent since June 10.

Brent for September settlement slid $1.15, or 2.1 percent, to $53.47 a barrel on the London-based ICE Futures Europe exchange on Monday. The European benchmark crude ended the session at a premium of $6.08 to WTI.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net Keith Gosman, Andrew Hobbs