Oil recovers alongside USA stock market

26 October, 2018, 04:29 | Author: Teresa Adams
  • Oil rises above $80, Saudi Arabia plans output increase

Oil fell near the lowest level in 2 months as a rout in USA stocks prompted investors to flee risk assets and as American crude inventories continued to rise.

Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming US sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed. US sanctions on Iranian oil begin on November 4 and Washington has said it wants to stop all of Tehran's fuel exports.

The West Texas Intermediate (WTI) for December delivery gained 0.39 US dollar to settle at 66.82 dollars a barrel on the New York Mercantile Exchange, while Brent oil price for December delivery further decreased 0.27 dollar to 76.17 dollars per barrel.

Brent crude oil has lost about $10 a barrel since hitting a high of $86.74 on October 3, on signs of ample supplies.

China has been Iran's biggest oil customer.

Alok Verma and Rakesh Asthana are still director and special director: CBI
The BJP leader said the Congress was "manufacturing" untruths about the government as it has "lost all hopes to become relevant". He described as "false" news report that appeared in a section of media suggesting that seven files were removed.

The cartel's vacillations came as the sizable crude-price gains of September vanished in an October rout.

Saudi Arabia's energy minister has used public comments over the past week to tone down the kingdom's veiled threat to use oil as a political weapon to retaliate against possible sanctions related to the Khashoggi killing.

OPEC itself cut its oil demand growth estimates for 2018 and 2019 three times in as many consecutive months.

US nuclear program-related sanctions against Iran will go in effect by November 5.

The rise to $81 per barrel in the fourth quarter is a result of the recently rising price and the possibility the prices could remain higher as the market awaits the impact of the sanctions.

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USA light crude dropped $3.03, or 4.4 per cent, to $66.33 a barrel, after earlier hitting a two-month low at $65.74.

Prices had slumped as forecasters including Opec and the International Energy Agency predicted slower oil-demand growth for 2019. There have been reports that companies in different parts of the world would defy sanctions and continue buying Iranian oil.

City Index market analyst Fiona Cincotta said factors outside the oil market were now leading sentiment. Meanwhile, Russia suggested its current output is higher than in September.

The American Petroleum Institute is scheduled to release data on U.S. crude stockpiles yesterday afternoon, followed by more comprehensive report by the U.S. Department of Energy. That compares with the median 3.7 million-barrel increase forecast in a Bloomberg survey.

Train runs over crowd in India; At least 50 dead
Home Minister Rajnath Singh has spoken to Home Secretary of Punjab and DGP of the state regarding the train accident. Hundreds of people were watching the burning of an effigy of demon Ravana during the Hindu festival of Dussehra .

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