Oil Tumbles 3% After Both IEA, OPEC See Glut Persisting

NEW YORK, Sept 13 (Reuters) - Oil prices settled down as much as 3 percent on Tuesday after forecasts from producer group OPEC and a leading energy market body focused on consumers indicated a global crude supply glut could persist into next year.

The International Energy Agency (IEA), which advises oil-consuming countries on their energy policies, said a sharp slowdown in oil demand growth, coupled with ballooning inventories and rising supply, means the market will be oversupplied at least through the first half of 2017.

The IEA's comments follow a surprisingly bearish outlook from the Organization of the Petroleum Exporting Countries on Monday that also pointed to a larger surplus next year due to new fields in non-member countries. U.S. shale drillers are also proving more resilient than expected to cheap crude, OPEC said.

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