Crude oil prices are set to decline for the week due to concerns over excess supply, with floating storage volumes hitting record highs. Brent crude is at $63.69 per barrel, WTI at $59.73, both down from the start of the week. Rising volumes on water are linked to anti-Russian sanctions and extra Middle East cargoes.

The U.S. Energy Information Administration reported a surprising 5.2 million barrel increase in crude oil inventories, adding to price pressures. Risk aversion flows, a strong dollar, and the U.S. government shutdown are also affecting economic activity. ING analysts are monitoring Russian oil flow disruptions from U.S. sanctions before revising market forecasts.

Read more at Yahoo Finance: Oil Prices Set to Extend Losing Streak as Floating Storage Soars