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(Bloomberg) — Oil extended a decline from the lowest close since August as U.S. stockpiles increased more than analysts forecast, exacerbating a global glut.

Futures lost as much as 0.9 percent in New York and were down 6.4 percent for the week. Inventories rose by 4.22 million barrels last week, keeping supplies more than 100 million barrels above the five-year seasonal average, according to data from the Energy Information Administration. That compares with a projected 1.3 million gain in a Bloomberg survey. The world’s surplus is at the highest level in at least a decade, according to OPEC.

Crude has dropped about 45 percent the past year amid speculation the oversupply will be prolonged as the Organization of Petroleum Exporting Countries continues to pump above its collective quota. Oil stockpiles in developed countries are at the highest since the financial crisis as global supply outpaced demand growth, the group said in a report.

“The trend is lower, the bearishness will continue,” Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, said by phone. “It’s the same story of high supply pushing the oil price lower.”

WTI for December delivery fell as much as 37 cents to $41.38 a barrel on the New York Mercantile Exchange, and traded at $41.50 at 9:40 a.m. Hong Kong time. The contract lost $1.18 to $41.75 on Thursday, the lowest close since Aug. 26. The volume of all futures traded was about 3 percent above the 100- day average.

Brent for December settlement, which expires Friday, was 2 cents lower at $44.04 a barrel on the London-based ICE Futures Europe exchange. The more-active January contract slid 4 cents to $45.15. The European benchmark crude was at a premium of $2.56 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 Aaron Clark, Ovais Subhani
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