Crude oil futures down Rs 8 a barrel on profit-booking
Crude oil futures down Rs 8 a barrel on profit-booking
Daily November WTI Crude Oil
07 October, 2018, 17:09
Traders said global oil markets remained tense because of the looming United States sanctions against Iran's oil exports, which kick in on November 4.
West Texas Intermediate crude for November settlement was changing hands at around $75.30 per barrel in early NY trading, up from $71.80 per barrel a week earlier.
Global benchmark Brent crude futures fell $1.65, or 1.9%, to $84.64/Bbl by 2:29 p.m. ET.
Oil producers have added a total of about 1 million bpd output in "recent weeks and months" and the global market was well supplied, Falih said.
Futures fell 2.7% in NY on Thursday for the deepest one-day dive in seven weeks.
"If Genscape is right and we do have more oil then the drop in inventories we witnessed over the a year ago plus is coming to an end", said Gene McGillian, manager of market research at Tradition Energy. Supply losses from Iran to Venezuela continued to rattle markets, boosting volatility and driving prices higher.
Despite this, traders said prices were held back by a strong dollar, which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the US. The contract is on course for a gain of around 2.5 percent for the week.
In a desperate bid to avoid being blamed for $100 oil, Trump tried bullying OPEC producers to boost production levels to prevent further price hikes ahead of the US mid-term elections in early November. Originally, the plan had apparently been to officially announce a production increase of 500,000 barrels per day, but this met with opposition from a number of countries, including Iran.
Also weighing on oil prices, Cushing, Oklahoma, crude inventories rose roughly 1.7 million barrels (Mmbbl) from September 28 to October 2, according to a report from market intelligence firm Genscape, Kallanish Energy learns.
That puts much attention on mega producer Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries. West Texas Intermediate gained almost $2 a barrel to trade above $76.
The government also expected to sell 2.4 million barrels per day of oil during the current Iranian calendar year, which started in mid-March, but it exported 2.5 barrels in reality, he said.
The market initially succumbed to a bout of profit-taking after the US Energy Information Administration (EIA) said domestic crude supplies increased by 8 million barrels in the week ended 28 September - the largest weekly climb so far this year.
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