Crude Oil Trades The Range - API Report Up Next!

Crude Oil Trades The Range - API Report Up Next!

Oil prices dropped again after two-week loss.

Brent for January settlement rose 0.5 percent, or 36 cents, to $73.25 a barrel on the London-based ICE Futures Europe exchange. Saudi Arabia was pumping at then-record levels, and US drillers were adding rigs to American oil fields.

WTI-Cushing spot prices averaged about $68/b in August, down from the July average of $71/b.

At the multi Commodity Exchange, crude for delivery in November was trading down by Rs 87, or 1.78 per cent, to Rs 4,805 per barrel in 2,613 lots.

Analysts fear Saudi retaliation would cause supply shock, sending oil prices up.

On a weekly basis, USA crude production stood at 11.2 million bpd last week. WTI lost 2.93 USA dollars to settle at 66.43 dollars a barrel, and Brent sank 3.39 dollars to 76.44 dollars per barrel. While Indian officials were unavailable for formal comment, MEA spokesperson Raveesh Kumar had said on Thursday, "We will continue to engage with the U.S. and other stakeholders to ensure that our energy security is not compromised and also that our national interests are protected".

Saudi Arabia and Russian Federation have said they will pump enough crude to meet demand once the sanctions kick in.

USA crude oil production has increased significantly during the past 10 years, driven mainly by production from tight oil formations using horizontal drilling and hydraulic fracturing.

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The WTI is likely to stay bearish below $67.25 to target $66.

In a bearish signal, the American Petroleum Institute reported U.S. crude inventories rose 5.7 million barrels last week, more than analyst forecasts for a 4.1 million barrel build. Stockpiles were expected to have risen about 4.1 million barrels in the week ended October 26, an extended Reuters poll showed on Tuesday.

Below is a timeline of the evolution of Iran's crude oil production and exports, through sanctions, war and embargoes.

Still, Goldman Sachs on Thursday reiterated a year-end forecast for Brent prices of $80 barrel. But the spread would narrow to 4 dollars per barrel by December 2019.

Hedge funds are still overwhelmingly long on oil and may have to liquidate positions if prices keep falling, accelerating a market sell-off, analysts say.

EIA forecast that USA crude oil production to increase by 1 million barrels per day in 2019.

The market is also impacted by the U.S.

"We continue to see substantial risk asymmetry as OPEC's spare capacity is nearing levels last seen with $100/bbl oil prices, while upcoming elections in OPEC regions could add to additional disruption risks". Gasoline and distillate stockpiles fell as total product demand over the past four weeks rose 5.4 percent from a year ago.

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