Oil extends losses as other markets fall, stockpiles climb

Oil price extend losses as other markets fall, stockpiles climb

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from USA sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

The December ICE Brent crude futures were dropped by 90 cents per barrel i.e.by 1.07% at $83.26 per barrel, whereas, the NYMEX light sweet crude contract was dropped by 63 cents per barrel i.e.by 0.85% at $73.71 per barrel.

Meanwhile, EIA expected West Texas Intermediate (WTI) crude oil prices will average about 6 dollars a barrel, lower than Brent prices in 2018 and in 2019. On Oct. 3, it hit a four-year high of $86.74 U.S.

The OPEC expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's report.

According to a Reuters source with an Indian state refiner, buyers had to delay some August loadings from Iran to later in August or early September, because they were still waiting for government approval to import Iranian oil with Iranian insurance and tankers. Demand growth of 1.54 million barrels a day this year will slow to 1.36 million next year.

"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. The U.S. National Hurricane Center upgraded Michael to an "extremely dangerous" hurricane yesterday.

South Korea Defers to Trump on Keeping North Korea Sanctions
It also provides for a reduction of weaponry and guards at the border and the defining of sections of the Demilitarised Zone. The Foreign Ministry said in a statement there has yet to be a "full-fledged" review on the lifting of the May 24 measures.

Florida town almost wiped off the map by Hurricane Michael
It weakened to a storm as it moved inland towards the north-east, but at least six people have died, majority in Florida. Following Hurricane Irma a year ago , 14 people died when a South Florida nursing home lost power and air conditioning.

European Union says there has been ‘no breakthrough’ in Brexit talks
He suggested all 10 DUP MPs could vote down this month's budget to "pull the government back into keeping its promises". Such an arrangement would all but end May's chances of securing free trade deals with other countries.

OPEC said Thursday that the oil market was "well supplied", and downgraded its global demand forecast.

The new round of sanctions targeting Iran's oil sector are due to be put in action on November 4.

Data from other sources, such as from the Institute of International Finance, show that Iranian oil exports are declining before the United States imposes sanctions on Iran's oil sector on November 4 after pulling out of an international agreement on Iran's nuclear activities. India is Iran's top oil client after China.

Almost 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

Russian Federation achieved a new post-Soviet oil production record in September with 11.54 million barrels per day on average. "The market remains well supplied", he told a briefing.

Worries about crude supply from the Middle East have given prices some support.

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