Published: Wed, November 21, 2018
Finance | By Jaime Brady

Crude oil costs check current lows at begin of holiday-shortened week

Crude oil costs check current lows at begin of holiday-shortened week

Brent crude oil futures, the worldwide benchmark for oil prices, were at $66.37 a barrel at 0752 GMT, down 42 cents, or 0.6 percent, from their last close.

Brent crude futures fell $4.50, or 6.7 percent, to $62.29 a barrel. The global benchmark fell as much as 7.6 per cent to $61.71, the lowest since December 2017.

Oil's slide has been largely unimpeded since early October when WTI prices were near four-year peaks.

The S&P 500 hit a three-week low on Tuesday as weak results and forecasts from big retailers fanned worries about holiday season sales, while tech stocks continued to slide on concerns about iPhone sales.

West Texas Intermediate for January delivery rose as much as $1.05 to $54.48 a barrel on the New York Mercantile Exchange, and was at $54.33 at 3:48 p.m.in Singapore.

Trump said he won't let the murder of US-based journalist Jamal Khashoggi jeopardize relations with the Saudis as oil prices may "go through the roof" if the relationship between the two nations breaks.

"OPEC continues to discuss a reduction of oil production to halt falling prices, but Russian Federation didn't seem too supports the idea that increases the responsibility of Saudi Arabia for any coordinated action", said analyst commodity sector Schneider Electric Robbie Fraser.

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As mentioned yesterday, the oil market is not yet convinced by OPEC's strategy in believing that it will prevent oversupply, despite talk of a potential cut of up to 1.4mbpd.

"I never really understood the premium behind some kind of friction between USA and Saudi Arabia from a policy standpoint".

US crude oil inventories posted a drawdown of 1.545 million barrels in the week ending Friday, according to statistics released on Tuesday. Analysts polled ahead of weekly data forecast crude stocks rose about 2.9 million barrels last week.

"While the news that OPEC+ said it would cut 1.4 million barrels of oil per day from production, it's looking likely that the cuts will have to be deeper in order to stabilise the price".

Russia's energy minister Alexaner Novak has reportedly remarked that the oil market alliance will monitor supply and demand in the coming weeks before deciding on production levels.

The International Energy Agency (IEA), which represents the interest of oil consumers, on Monday warned OPEC and other producers of the "negative implications" of supply cuts, with many analysts fearing that a spike in crude prices could erode consumption.

The losses were said to be a direct reaction to the S&P 500 index on Tuesday hitting a three-week low, as well as the slump in global stock markets over the past two months; also, news that US president Donald Trump said his country would remain a partner of Saudi Arabia even though "it could very well be" that Saudi crown prince Mohammed bin Salman had knowledge of the killing of Jamal Khashoggi eased concerns about potential oil supply disruptions.

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