Oil Set for Worst Month in 2 Yrs.

Oil Set for Worst Month in 2 Yrs.

Oil Set for Worst Month in 2 Yrs.

"(After the recent drop in oil prices), this is not the time to back off, if Trump wants to put the screws on Iran", Nunan said.

Goldman Sachs said it expected Iran's crude oil exports to fall to 1.15 million barrels per day by the end of the year, down from around 2.5 million bpd in mid-2018.

Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value. Gasoline and distillate stockpiles fell as total product demand over the past four weeks rose 5.4 percent from a year ago.

In a commodities update report from Capital Economics, the outlook for a stronger oil price was less than enthusiastic.

News of a global economic slowdown will impact sentiment but the market appears to be relatively well supplied despite the imminent Iran sanction effect.

According to Reuters, Saudi Arabia pumped 10.65 million bpd in October, taking the combined output from the top three oil producers at a record 33.41 million bpd.

A list of all countries getting US waivers allowing them to import Iranian oil is expected to be released officially on Monday, industry sources say. WTI lost 2.93 US dollars to settle at 66.43 dollars a barrel, and Brent sank 3.39 dollars to 76.44 dollars per barrel.

"The market's reaction isn't strongly negative because the USA administration hasn't actually gone soft on Iran", said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA.




Production in the USA is now estimated to be more than 11 million barrels a day and growing.

New Delhi, Nov 2 Crude oil futures fell 0.31 per cent to Rs 4,644 per barrel, in line with a weak trend in Asian trade, as speculators cut down their bets. WTI gained 0.39 US dollar to settle at 66.82 dollars a barrel, while Brent further decreased 0.27 dollar to 76.17 dollars per barrel.

Iran's Petroleum Minister Bijan Namdar Zanganeh on Wednesday denied that Russian Federation sells Iran's crude oil in the global market in the face of USA sanctions on Iran's energy exports.

Crude for delivery in November was trading lower by Rs 18, or 0.31 per cent, to Rs 4,644 per barrel, with a business volume of 3,014 lots.

U.S. monthly crude oil production exceeded 11 million barrels per day (b/d) in August 2018, making the country the leading crude oil producer in the world, the U.S. Energy Information Administration (EIA) said on Thursday.

"We expect Brent to average $72/b next year ($65/b WTI), unchanged from last month, but see price risks skewed to the upside, especially in Q1 and Q4 2019", Michael Cohen, an analyst Barclays.

"The trade is looking for a crude oil inventory build".

Consultancy JBC Energy said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional USA tariffs on Chinese imports, should upcoming talks fail to produce the desired results".

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