Oil Set for Biggest Weekly Loss Since February on Supply Concern

Crude Oil

The United States Oil ETF (NYSEARCA: USO) traded up about 0.3%, at $14.07 in a 52-week range of $10.82 to $16.24. This has seen what was once a near-20% gain taken back down into the single digits.

Brent, against which Nigeria's oil is priced, had early this month hit a new four-year high of $86.74 per barrel, fuelled by concerns about a shortfall in global supply as U.S. sanctions whittle away at Iranian crude exports. While far from the highs of the past five years, this is only slightly above the five-year average for inventory levels.

Saudi Arabian energy minister Khalid Al-Falih told Russia's Tass earlier in October the kingdom's leadership is in favour of making the partnership between the Organization of Petroleum Exporting Countries (OPEC) and Russian Federation permanent. Now after this one-week spectacular increase in production, one must wonder whether the EIA is playing catch up with the last few reports that showed no increase or whether the jump in production is a sign of more production increases to come. If curbs are placed on these imports, International Olympic Committee will find it hard to find alternative sources with the likelihood of having to pay out more as global oil prices could be impacted by the sanctions.

The higher crude oil prices at the end of 2018 and throughout 2019 will likely support increased USA crude oil production.

The rupee surged by 100 paise to close at 72.45 against the USA dollar - the Indian currency's biggest single-day gain in five years as global crude prices fell and currency traders factored in the prospect that the U.S. would grant the waiver from sanctions to India.

Meanwhile, India and South Korea were said to agree with the USA on the outline of waivers from sanctions to keep importing some Iranian oil.

The U.S. government has agreed to let eight countries, including South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes the sanctions, Bloomberg reported on Friday, citing a U.S. official.

Families of trick-or-treaters reminded to check for sex offender homes
Another Georgia town, Grovetown, plans to round up its sex offenders who are on probation to keep them away from children. But this year, the second-term Sheriff wanted to increase visibility - due to a change in Halloween night programming.

Saudi Arabia hosts United States evangelical Christians, Israel supporters
Riyadh has maintained that neither bin Salman nor King Salman knew of the operation to target Khashoggi. He also said Khashoggi, a critic of the Saudi government, was a member of the Muslim Brotherhood.

Humans wipe out 60% of animal populations over 40 years — WWF Report
South and Central America have suffered the greatest impact, with some 89 percent of their vertebrate species lost. What's more, the huge loss of animal life is also a threat to humanity and the planet, scientists say.

Eurozone inflation, which has always been missing in action, climbed to 2.2% in October from 1.3% in January.

The local CAIXIN index saw a slight rise in activity.

Besides, profit-booking by participants weighed, they added. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss.

Oil production for Chevron (NYSE:CVX) was also higher and profits were healthy as the company more than doubled its earnings for the quarter from previous year. They doubled that bet on Thursday.

Essner said the bull case for oil would have been sound, but the threat of a full-blown trade war and rising borrowing costs are now poised to curtail demand.

"Right now, from a crude oil perspective, the market is well supplied".

"Everyone thought we were going to go into the $90s, but now we are heading for the $60s", said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo, referring to Brent prices.

Related news:

Hot News

isis-killer-beheading-video-story-top Danes claim Tehran attempted to assassinate Iranian opposition figure in Denmark
Nov 03, 2018 - 08:16
They're accusing Denmark's intelligence agency PET of a disinformation campaign that aims to harm Iran's reputation. Tehran's operation is "completely unacceptable", Danish Foreign Minister Anders Samuelsen wrote on Twitter.

isis-killer-beheading-video-story-top Nick Mullens gets verified on Twitter during breakout performance vs. Raiders
Nov 03, 2018 - 07:43
Nick Mullens , in his second year in the National Football League finally got to see the field and he made the most of it. Dekoda Watson had 1 1/2 sacks in his first game of the season after getting activated from IR earlier in the day.

isis-killer-beheading-video-story-top NYPD Detectives Focus on Timeline in Saudi Sisters' Death
Nov 03, 2018 - 07:42
Police sources told the New York Daily News the pair had been bound together and their sandals duct-taped to their feet. A George Mason spokesman called the news of her death "tragic", and said the university was cooperating with police.

isis-killer-beheading-video-story-top Trump political ad assailed as 'sickening,' racially divisive
Nov 02, 2018 - 08:42
That ad was part of a blitz by Mr Trump's campaign, and his campaign manager, Brad Parscale, did several interviews to promote it. Many recalled the infamous "Willie Horton" campaign ad from the 1988 presidential election between George H.W.

isis-killer-beheading-video-story-top Chinese officers charged in U.S. over jet engine data hack
Nov 02, 2018 - 07:59
The conspiracy also used two insiders working for the French aerospace company to operate as moles, according to the indictment. An unidentified USA company and the French manufacturer oversaw the turbofan engine project, according to court papers.

isis-killer-beheading-video-story-top Iran Starts Oil sales to Private Exporters to Beat US Sanctions
Nov 02, 2018 - 07:34
Front-month Brent crude oil futures were at $77.05 a barrel at 0428 GMT, down 29 cents, or 0.4 percent, from their last close. Investors awaited industry data on USA crude inventories due to be released at 4:30 p.m.

isis-killer-beheading-video-story-top Two major WWE stars pull out of controversial Saudi Arabia event
Nov 02, 2018 - 06:13
WWE has operated in the Middle East for almost 20 years and has developed a sizeable and dedicated fan base. The last time that Hogan was on WWE programming was at WrestleMania 31 in 2015.

isis-killer-beheading-video-story-top Harvey Weinstein Allegedly Assaulted a 16-Year-Old Model, New Lawsuit Claims
Nov 02, 2018 - 06:00
When Weinstein heard that she was in town, he suggested that they meet because he "might have some ideas" to help. The woman didn't delete any information and instead asked a lawyer for advice, prosecutors said.

isis-killer-beheading-video-story-top Malaysian financier, Goldman Sachs bankers charged in multibillion-dollar scheme
Nov 02, 2018 - 05:56
They worked on three bond offerings in 2012 and 2013 that raised about $6.5bn for the fund, the indictment says. Leissner pleaded guilty to conspiring to commit money laundering and to violating foreign anti-bribery laws.

isis-killer-beheading-video-story-top 'Dogs' - Netflix Original Documentary Series Trailer
Nov 02, 2018 - 05:41
The streaming service on Twitter said that the program will make viewers laugh, cry and hug the nearest dog . The heartening first trailer gives us a good look at what to expect from the series.

isis-killer-beheading-video-story-top Willie McCovey, San Francisco Giants legend, dies at 80
Nov 02, 2018 - 05:16
San Francisco Giants legend Willie McCovey has passed away at the age of 80, according to multiple reports . McCovey also is survived by sister Frances and brothers Clauzell and Cleon.

isis-killer-beheading-video-story-top T'puram ODI: India aim to extend dominance over Windies
Nov 02, 2018 - 03:56
Kohli was the man of the series for his 453 runs in five matches including three centuries and a highest score of 157 not out. Rohit Sharma made an unbeaten 63 and captain Virat Kohli hit 33 as India chased down their target in 14.5 overs.

isis-killer-beheading-video-story-top Oprah: 'Not Trying to Test Any Waters' With Abrams Speeches
Nov 02, 2018 - 03:44
She is a Yale-educated attorney who served a decade in the Georgia Legislature, including a stint as minority leader. I just came to remind you of the power.

isis-killer-beheading-video-story-top Black box recovered from crashed Indonesia jet
Nov 02, 2018 - 03:13
Indonesia's biggest low-priced carrier announced this year it was buying 50 Boeing-737 MAX 10 jets for $6.24 billion. Relatives of the 189 passengers and crew on the flight have provided DNA samples to help identify victims.

isis-killer-beheading-video-story-top Duchess of Cambridge: 'Hugs are very important'
Nov 02, 2018 - 02:24
The eldest, Major Francis, served with the 8th Battalion West Yorkshire Regiment and was killed by a bomb in 1917 aged 31. Kate viewed the family documents during a tour in London of the document archive of the Imperial War Museums.