Oil prices fall as focus switches to oversupply

Oil prices fall as focus switches to oversupply

Oil prices fall as focus switches to oversupply

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.

Recommended News

  • Russia accuses US of drone attack on its Syria base

    Russia accuses US of drone attack on its Syria base

    This was the first time Russian Federation has openly accused the USA of involvement in in the incident since the January attack. He added that Russian Federation downed seven of the drones and took control of six others through electronic warfare systems.
    Virat Kohli Sets Record for Most Consecutive Hundreds in Home ODIs

    Virat Kohli Sets Record for Most Consecutive Hundreds in Home ODIs

    Kohli , though, will be back to lead the men-in-blue in the three-match T20I series against Australia, that begins on November 21. The selection committee also announced the squad for the four-match Test series against the Kangaroos to be held later this year.
    NBC says 'Megyn Kelly Today' not returning to the air

    NBC says 'Megyn Kelly Today' not returning to the air

    Particularly on race and ethnicity issues which, far from being healed, have been exacerbated in our politics over the past year. Kelly's representatives will meet with network executives and said it is "extremely unlikely" she will remain with the company.
  • Glenn Hoddle ‘seriously ill’ after collapsing at BT Sport studios

    Glenn Hoddle ‘seriously ill’ after collapsing at BT Sport studios

    BT Sport presenter Mark Pougatch said: "You will understand why there's no BT Sport Score this afternoon". He went on to marry Vanessa Colbourn in 2000, but split from her in 2015.
    Red Sox Have Already Won 2018 World Series, According To Google

    Red Sox Have Already Won 2018 World Series, According To Google

    He opened two games a year ago against the Astros, allowing two earned runs in 8 2/3 innings without getting a decision. Bellinger returns to the starting lineup in Game 3 on Friday night after beginning the first two games on the bench.
    [Teams] Chelsea vs BATE Borisov: Confirmed Line-Ups From Stamford Bridge

    [Teams] Chelsea vs BATE Borisov: Confirmed Line-Ups From Stamford Bridge

    However, the Italian hinted that Andreas Christensen and Ruben Loftus-Cheek could both get some much-needed game time . The hat trick was the first in Europe for the Blues since Didier Drogba did so in a 2006 Champions League match.
  • Patrick Peterson Requests Trade

    Patrick Peterson Requests Trade

    On paper, that looks like a formidable outside combination with Jones playing as the nickel back and Mills moving to safety. He has been a huge bright spot on the field this season that has provided the secondary a strong source of stability.
    China leads the way as world's billionaires get richer

    China leads the way as world's billionaires get richer

    Wealth transition from just five families accounted for 30 percent of the continent´s wealth expansion, the study said. These mega-rich increased their wealth by a $1.4 trillion which is more than the entire GDP of Spain or Australia.
    Tesla for the first time in two years made a profit

    Tesla for the first time in two years made a profit

    Tesla has a reputation for, and suppliers may demand that Tesla pay its bills more promptly now that it has more cash in the bank. For Tesla , turning a profit was not its only notable achievement in the third quarter; it also stopped burning through its cash.
  • NASA found a ideal  iceberg shapes

    NASA found a ideal iceberg shapes

    Harbeck's October 16 flight is part of a five-week long deployment that is scheduled to end November 18. At the far left is the original geometric iceberg, with the massive A68 Iceberg in the background.
    Hamilton denied in thriller at United States Grand Prix

    Hamilton denied in thriller at United States Grand Prix

    Indeed, Hamilton has retired just once this season, and has not finished lower than fifth in the 17 races he has completed. Raikkonen, who turned 39 last Wednesday, becomes the sport's oldest victor since Nigel Mansell in 1994.
    Putin THREATENS retaliatory STRIKES on European nations who host U.S.  missiles

    Putin THREATENS retaliatory STRIKES on European nations who host U.S. missiles

    Those close-up weapons were seen as placing decision-makers on a hair trigger to decide whether to retaliate against a perceived attack.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.