Saturday, 17 November, 2018

The world markets have stabilized oil prices

An Iranian warship Oil price falls to $75 from high of $86
Laurie Berry | 03 November, 2018, 02:03

Brent crude futures fell $1.57 a barrel to $73.47 a barrel as of 11:38 a.m. EST (1538 GMT), while US futures were down $1.40 a barrel at $63.91.

Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value.

The American Petroleum Institute (API) reported yet another crude oil inventory-build this week, for example, of 5.69 million barrels, for example.

On Tuesday, U.S. oil prices further dived 4.22 percent as Saudi Arabia vowed to enhance oil production and U.S. stock markets sank on disappointing earnings reports.

"We can not end oil imports from Iran at a time when alternatives are costly", noted the Indian government, as quoted by Reuters.

Crude oil futures were linked primarily to the sell-off in global equity markets in October, sinking as investors sold risk assets.

"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.

Crude oil futures were lower as of mid-morning Tuesday as market participants appeared to be positioning themselves for an inventory build-up once data is released later Tuesday by API, and then Wednesday by the EIA.

News On WWE Having Hulk Hogan Make Return At Crown Jewel PPV
Crown Jewel was Hogan's first appearance on a WWE event in over 3 years. -Brock Lesnar vs. SmackDown Live is represented by Jeff Hardy vs The Miz and Rey Mysterio vs Randy Orton.

But Goldman Sachs analysts say they expect Brent prices to fall to $65 a barrel by the end of next year, largely due to "the unleashing of Permian (U.S. shale) supply growth once new pipelines come online".

Russian Federation is pumping oil at a post-Soviet high, US crude output has topped 11 million barrels a day and a Reuters survey of OPEC production shows the group more than made up for any declines in Iranian shipments in October.

As sanctions take effect, buyers for Iran's crude will dry up. -China trade war kept pressure on the market.

Oil is sold in dollars, so a strong greenback increases the cost of crude for emerging markets and threatens to derail demand for the commodity.

A Wednesday Reuters survey of OPEC production shows the group made up for declines in Iranian shipments in October by boosting production to its highest level since 2016.

According to the government and ship-tracking data, imports of Iranian crude oil by China, India, Japan and South Korea in September fell 40.9 percent from a year earlier.

Monthly crude oil production reached a record high in several states.

Oil was also being weighed down by signs of rising supply from top producers.

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