Light, sweet crude for February delivery fell 28 cents, or 0.8%, to $36.76 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell six cents, or 0.2%, to $37.22 a barrel on ICE Futures Europe.

More than 18 months into the crude-price rout, oil production remains high around the world. The U.S. Energy Information Administration on Thursday said that domestic oil production was higher than previously reported in each of the first nine months of 2015.

On Monday, data provider Genscape Inc. told clients that crude-oil stockpiles in the key storage hub of Cushing, Okla., rose to a record in the week ended Friday. Ample Cushing supplies in the past year have sparked some concerns that Cushing, which is the delivery point for Nymex futures, could run out of storage space for oil....

Some oil analysts and investors have argued for months that the low price of crude doesn’t adequately account for a possible supply disruption due to violence or unrest. The oil market has been vulnerable to sharp rebounds in recent months as traders who had bet on lower prices quickly reverse course.

Hedge funds and other money managers have held large numbers of bets in recent weeks that oil prices would fall, according to the Commodity Futures Trading Commission. Increased concerns about geopolitical conflicts could have prompted some traders to close out their bearish bets.