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... While they don't see the prospect of a crash, top traders including Vitol and Gunvor said prices could grind lower as supply starts to outstrip demand. The OPEC+ group of producers has begun releasing additional barrels into the market, the US will continue to add production -- albeit more slowly than in recent years -- and South America is also growing.

"The industry is over-drilling now, that is clear," Gunvor Group Chairman Torbjrn Trnqvist said in an interview at CERAWeek by S&P Global in Houston. "We are drilling more inside and outside OPEC than demand growth warrants." ...