Crude Oil Dropped Weighed Down By Concerns That Producers

Crude oil trading range for the day is 3436-3900.

Crude oil dropped weighed down by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook.

U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.

Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption.

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Crude Oil Dropped As Concern Over The Prospect Of An Oversupplied

Crude oil trading range for the day is 3959-4175.

Crude oil dropped as concern over the prospect of an oversupplied market next year continued to weigh on prices.

OPEC led by Saudi Arabia, is considering a cut of up to 1.4 mbpd next year to avoid the kind of build in global inventories that prompted the oil price to crash.

The EIA data showed that crude oil inventories increased by 10.27 million barrels in the week to November 9.

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Crude Oil Prices Dipped Weighed Down By Ongoing Weakness In Global Stock

Crude oil trading range for the day is 4745-5037.

Crude oil prices dipped weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran's crude exports.

High oil prices hurting consumers, could have adverse implications for producers:

IEA Birol Crude output from Russia, the United States and Saudi Arabia, reached 33 million barrels per day for the first time in September.

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Crude Oil Remained Under Pressure Amid Cautious Sentiment As A Plunge

Crude oil trading range for the day is 4875-5019.

Crude oil remained under pressure amid cautious sentiment as a plunge in financial markets and dollar strength underscored concerns that growth may be slowing.

Oil markets remain tense ahead of looming U.S. sanctions against Iran’s crude exports, which are set to start next week and are expected to tighten supply.

Production is set to rise further. U.S. drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015.

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Crude Oil Dropped After Saudi Arabia Said It Would Make Up For Supply

Crude oil trading range for the day is 4673-5235.

Crude oil dropped after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions targeting Iran's petroleum exports from next month.

Saudi Arabia said it would play a "responsible role" in energy markets.

The US cannot stop Iranian oil exports by imposing sanctions on Tehran, Iran's oil minister said, warning that such restrictions will ensure the market remains volatile.

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Crude Oil Gained On Signs Of Surging Demand In China

Crude oil trading range for the day is 5024-5190.

Crude oil gained on signs of surging demand in China, although prices dropped on weekly basis on swelling U.S. inventories

Saudi Arabia's crude oil exports in Aug rose to 7.210 million barrels per day from 7.120 million bpd in July, official data showed.

U.S. crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, the U.S. Energy Information Administration said.

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Crude Oil Dropped As The Fourth Weekly Increase In U.S. Crude Inventories

Crude oil trading range for the day is 4995-5171.

Crude oil dropped as the fourth weekly increase in U.S. crude inventories suggested ample supply.

U.S. crude inventories rose 6.5 million barrels, Wednesday, the fourth straight weekly increase and almost three times what had forecasted.

Investors are concerned that Saudi Arabia could use oil supply to retaliate against its critics.

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Crude Oil Gains On Evidence Of Falling Lranian Exports

Crude oil trading range for the day is 5167-5375.

Crude oil gains on evidence of falling Iranian exports, but gains were limited by fears of another outsize U.S. crude build in weekly storage data.

OPEC Secretary-General Mohammad Barkindo said global spare oil capacity was shrinking, adding that producers and companies should increase their production capacities.

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Crude Oil Trading Range For The Day Is 5387-5567

Crude oil trading range for the day is 5387-5567.

Crude oil prices fell after Washington said it may grant waivers to sanctions against Iran's oil exports next month.

The oil market is balanced in terms of supply and demand, Qatar's Energy Minister Mohammed al-Sada said

Hedge funds cut their bullish wagers on U.S. crude in the latest week to the lowest level in nearly a year, data showed.
  
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Crude Oil Prices Rose Ahead Of U.S. Sanctions Against Iran

Crude oil trading range for the day is 5259-5633.

Crude oil prices rose ahead of U.S. sanctions against Iran, that kick in next month.

Prices were supported by a report of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production.

OPEC delivered only a limited increase in oil production in September, as a cut in Iranian shipments due to U.S. sanctions offset higher output.

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Crude Oil Gained As Investors Focused On The Prospect Of Tighter Markets

Crude oil trading range for the day is 5174-5316.

Crude oil gained as investors focused on the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November.

At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 percent of global consumption.

Shipping data shows Iran September exports fell to around 2 million bpd as buyers around the world bow to U.S. pressure and cut imports.

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Crude Oil Rallied After Saudi Arabia And Russia Ruled Out Any Immediate Increase

Crude oil trading range for the day is 5086-5400.

Crude oil rallied after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.

Amid a tightening market, U.S. commercial crude oil inventories are at their lowest level since early 2015.

OPEC as well as top producer Russia are discussing raising output to counter falling supply from Iran, although no decision has been made public yet.

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Crude Oil Dropped After The Monthly Report From The International Energy Agency

Crude Oil trading range for the day is 4795-5133.

Crude oil dropped after the monthly report from the International Energy Agency showed a jump in global supply to an all-time high.

The global oil supply reached a record 100 million barrels per day, the International Energy Agency said in its latest forecast.

Crude output from the OPEC and Russia, rose to a nine-month high in August, to 32.63 million bpd, due to a rebound in Libya production.

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Crude Oil Rose After A Report Of Falling Crude Inventories And The Looming Sanctions

Crude Oil trading range for the day is 4833-5159.

Crude oil rose after a report of falling crude inventories and the looming sanctions against Iran fueled expectations of a tightening market.

The global oil market has recovered from an oversupply crisis thanks to a 2016 Vienna accord to curb output but remains "fragile" due to geopolitics.

Russian Energy Minister Alexander Novak said that the OPEC+ oil group may sign a new long-term cooperation deal at the beginning of December.

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Crude Oil Settled Flat As Signs Of Tightening U.S. Output Were Offset By A Stronger Dollar

Crude oil trading range for the day is 4773-4953.

Crude oil settled flat as signs of tightening U.S. output were offset by a stronger dollar and fears rising U.S.-China trade tensions could hamper oil demand.

A mixed petroleum report showing crude stockpiles fell, but product inventories rose sharply also weighed on sentiment.

Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation fell by 2 to 860.

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Crude Oil Dropped As A Tropical Storm Hitting The U.S. Gulf Coast Weakened

Crude oil trading range for the day is 4884-5014.

Crude oil dropped as a tropical storm hitting the U.S. Gulf coast weakened, offsetting support from forecasts of lower U.S. inventories and sanctions against Iran.

OPEC Secretary-General Mohammad Barkindo said that world oil consumption would hit 100 million barrels per day later this year, “much sooner” than earlier projected.

U.S. crude stockpiles fell last week as refineries boosted output amid strong consumption, data from industry group the American Petroleum Institute showed.

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