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The price of oil has fallen below $60 U.S. a barrel amid growing signs that demand is weakening.

West Texas Intermediate (WTI) crude oil, the U.S. benchmark, has fallen to $58.98 U.S. a barrel, extending a decline of 4.2% on Nov. 12.

Brent crude oil, the international standard, is trading at $62.51 U.S. a barrel, having dropped 3.8% on Nov. 12.

The declines come after a report showed rising crude inventories in the U.S., which is taken as a sign of both weak demand and global oversupply.

U.S. crude stockpiles rose by 1.3 million barrels in the week ended Nov. 7, according to the American Petroleum Institute.

At the same time, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) said global oil supplies will exceed demand in 2026.

That statement marks a shift from the cartel's earlier comment of a crude oil deficit next year.

The International Energy Agency (IEA) also recently raised its global oil supply forecasts for this year and 2026, signalling a bigger surplus in the coming year.

Global oil inventories are forecast to grow through 2026 as production increases faster than demand for petroleum, adding downward pressure on oil prices, said the IEA.

The situation is also pulling stocks lower of major oil producers such as Shell (NYSE: $SHEL ) and Chevron (NYSE: $CVX ).