Oil prices fall as focus switches to oversupply

Oil Drops on Stock-Market Swings

Oil Drops on Stock-Market Swings

Doubts still remain over whether OPEC will be able to replace supply losses from Iran as USA sanctions are set to curb oil exports from the Persian Gulf state.

Early this week, prices of brent crude touched levels of $77 per barrel but again due to kick back in equities is trending higher in price.

U.S. President Donald Trump withdrew Washington from the Iranian global nuclear agreement in May and vowed to re-impose sanctions on Iran's financial, automotive, aviation and metal sectors.

Public sector companies in India placed orders with Iran for oil supply during November, said Sunjay Sudhir, joint secretary for worldwide cooperation at the Ministry of Petroleum and Natural Gas.

In equity markets, the S&P 500 Index is set for the worst monthly decline since 2011 on concerns over global economic growth and sluggish corporate earnings.

Saudi Arabia, who is a powerful influencer of oil price and supply, faces global pressure after the suspected murder of Washington Post columnist Jamal Khashoggi at the Saudi embassy in Istanbul at the start of October.




Bowing to pressure from Washington, China's oil-majors Sinopec and China National Petroleum Corp (CNPC) have not ordered any oil from Iran for November because of concerns that violating sanctions could impact their global operations.

While this has helped the world meet rising demand for years, it can not go on forever.

Meanwhile, U.S. production is soaring, boosted by technological advances that have enabled drillers to tap shale formations, with output this year forecast to overtake the previous annual record in 1970. This week, Halliburton Co. "That is coinciding with warnings of plateauing, or even declining, production elsewhere in the world".

When the market is in turmoil you need to turn to the Fox Business Network for the latest breaking news!

Then There Is That Demand Thing. "The Energy Report 10/22/18.html" class="local_link" >What's the Story? A couple of years ago, such a rise might have been short-lived as shale producers accelerated operations and added more oil to the global market. His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report".

Phil is a lifelong resident of IL. "That's just a couple weeks away", said Phil Flynn, an oil market analyst at Price Futures Group in Chicago.

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