Crude-oil futures extended losses in Asian trade Wednesday, pushing Brent crude to its lowest in more than a year. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $97.09 a barrel at 0452 GMT, down $0.28 in the Globex electronic session. September Brent crude on London’s ICE Futures exchange fell $0.40 to $102.62 a barrel.

Brent crude traded at its lowest since early July 2013 after the International Energy Agency cut global demand forecasts yesterday for both 2014 and 2015, and said markets remain well supplied despite events in the Middle East and Ukraine.

The U.S. Energy Information Administration also cut its forecast for global oil consumption in 2014 and 2015 in its monthly short-term energy outlook published Tuesday, although it noted slowing oil production growth by countries outside the OPEC cartel.

Late Tuesday, the American Petroleum Institute, a trade body, said U.S. crude stocks for the week ended Aug. 8 rose by 229,000 barrels. An increase in stockpiles is bearish for Nymex crude.

The U.S. EIA will publish its inventory data later Wednesday and analysts expect stocks to have dropped by 1.7 million barrels.

“September Brent crude oil has now broken beneath established supports, with a test of the $100 psychological mark looking like more of a possibility,” analyst Tim Evans at Citi Futures said, adding that he would “simply watch for signs of exhaustion or the development of a bullish divergence to herald a possible turn.”

While market participants are wary of calling a bottom on oil prices yet, some are hopeful that seasonal demand will start eating into the inventory glut built up so far this year.

Following the recent major liquidation of speculative length in Brent crude futures by 45% and the associated fall in prices, the Brent price is expected to trend upwards for the next three months and remain in the range of $105-$111 a barrel, analysts at consulting firm KBC Advanced Technologies said.

Nymex reformulated gasoline blendstock for September–the benchmark gasoline contract–fell 88 points to $2.7257 a gallon, while September heating oil traded at $2.8458, 8 points higher.

ICE gasoil for September changed hands at $871.75 a metric ton, down $3.00 from Tuesday’s settlement.