By Henning Gloystein and Florence Tan
SINGAPORE (Reuters) - Oil prices fell more than 1 percent on Wednesday after touching their lowest in nearly six years the previous session, extending losses alongside a sell-off in other commodities.
Commodities came under pressure after the World Bank cut its forecasts for global growth, reinforcing worries of a gloomy economic outlook at a time when oil markets are plagued by oversupply.
Outside the United States, some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea.
"Once floating storage starts, there is very little support on the downside for Brent spreads," Energy Aspects said.
U.S. crude have been cheaper than Brent since 2010 as logistical constraints and soaring North American shale oil production pulled down prices while the rest of the world market remained more tightly supplied.
But with oil producer club OPEC deciding late last year to maintain its output despite slowing Asian and European economic growth and to defend its market share, including against surging U.S. competition, a glut has also appeared outside the United States, pulling down Brent prices close to U.S. levels.
"The closing gap looks to be solidifying Saudi Arabia's strategy to curb shale production and protect market share," ANZ bank said.
