Oil Prices Leap After 3 Days Of Sliding

03 November, 2018, 02:00 | Author: Darnell Patrick
  • Oil price falls to $75 from high of $86

The Schork Report editor Stephen Schork on USA oil production and why he believes that the market has adjusted to the Iran sanctions.

Iranian officials have reiterated that the United States would not be able to stop Iran's crude sales.

The reign as world's biggest oil producer may be short-lived: Russian Federation in September produced 11.37 million barrels a day and they may be above 11.4 million in October.

"Right now, from a crude oil perspective, the market is well supplied". Saudi Arabia was pumping at then-record levels, and US drillers were adding rigs to American oil fields.

Oil prices are falling again, Friday, as concerns over short-term supply worries ease, despite the U.S. sanctions imposed on Iran.

Investors will look to official government data on USA inventories due to be released Wednesday.

Consultancy, JBC Energy, said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional United States tariffs on Chinese imports, should upcoming talks fail to produce the desired results".


Separately, Chesapeake Energy said that it had agreed to buy Wildhorse, an oil and gas company with operations in southeast Texas, for about $4 billion.

The International Energy Agency (IEA) on Tuesday said that high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. US light crude was 25 cents lower at $63.44, down more than 13 percent since hitting four-year highs a month ago.

Oil market sentiment received some support from equity markets, which pulled back from 20-month lows after pledges by China to support its markets. Brent was up 29 percent over the same period.

Crude oil prices fell more than 2% Thursday, as October's steep losses continued into November.

The oil price is likely to stabilise once into 2019, according analyst at Barclays, and risks to those projections are slanted firmly to the downside but not everybody got the message as some strategist are now betting heavily on a sharp increase in prices over coming months. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.

Therefore, the price could continue to drop until the OPEC members meet in December at Vienna. "I would categorize this as a seasonal build as the extended driving season is finally over heading into the North American Time zone change this weekend", John Thorpe, a commodity broker at Los Angeles-based Cannon Trading, told UPI.

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