Oil extends losses as markets fall, inventories climb
Oil extends losses as markets fall, inventories climb
OPEC cuts forecast for global oil demand growth in 2019
14 October, 2018, 09:44
West Texas Intermediate (WTI) crude futures fell $1.76 to $71.41 a barrel, a 2.4 per cent loss.
Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said.
But figures OPEC compiles from secondary sources that include oil-industry media and government agencies put output in August at 3.58 million bpd, down 150,000 bpd from July.
Several of the world's biggest trading houses expect United States sanctions on Iran to keep oil prices high, with crude staying above $65 and possibly breaking above $100 in the medium term. He further added that Saudi Arabia representatives have been claiming that they are able to balance Iran's losses under the US pressure. The Shanghai Composite dropped 5.2 percent and the U.K.'s FTSE 100 slipped as much as 1.9 percent. U.S. President Donald Trump has repeatedly demanded the Organization of Petroleum Exporting Countries pump more to temper prices.
The report also put average Iranian heavy crude price at $68.70 since beginning of 2018 up to the report's publishing day.
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"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data", said the IEA, which advises industrialized countries on energy policy.
"Oil prices have stabilized for the moment - between a real and a metaphorical storm", said Fiona Cincotta, senior market analyst at City Index.
Brent crude futures rose 33 cents, or 0.4 per cent, to $80.59 a barrel by 0256 GMT.
India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases, but is unlikely to cut off completely the cheap Iranian oil that is suitable for its refineries. The API data, which were released a day late due to Monday's Columbus Day holiday, also showed supplies of gasoline climbed by 3.4 million barrels, while distillates fell 3.5 million barrels, sources said.
U.S. stocks markets skidded, on track for the biggest daily decline since April, and the sell-off intensified as the day wore on as rising U.S. Treasury yields and trade policy related worries sent investors fleeing for safety. The IEA said the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next. Iranian crude exports dropped down further in the last week, as per an industry source and the tanker data, since customers are looking for alternatives before the start of the US sanctions.
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