The Philippines is struggling with an oversupply of about 2 million kilograms of fresh mangoes, which authorities warned Monday could end up rotting if they go unsold in the next two weeks.

Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and Opec called on several members to boost compliance with output cuts to help to rein in oversupply and tackle flagging prices.

Oil slid back towards multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite Opec-led efforts to balance the market.

Oil markets will begin to tighten in the second half of 2016 but the process will be slow and painful as global demand growth declines and non-Opec supplies rebound, the International Energy Agency said on Thursday.

Qatar will not see an oversupply of hotels in the country and will still be able to maintain good occupancy levels even after the 2022 FIFA World Cup, a hotel executive has said.

US gasoline stocks remain stubbornly high despite record demand from motorists, a situation

Oil prices jumped over 2% on Monday on growing Nigerian oil output disruptions and Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.

Oil fell on Thursday as the International Energy Agency trimmed its forecast for demand growth and on signs that a producers' meeting this weekend will not yield a concrete plan to reduce oversupply.

Oil futures fell in Asian trade as oversupply, a strengthening dollar and falls in regional stock markets all weighed on sentiment. But another fall in US oil output in January helped to limit the losses.