Published: Sat, November 03, 2018
Finance | By Jaime Brady

Oil price falls further as supply worries ease

Oil price falls further as supply worries ease

Iran's oil exports fell by about a third in the five months to September, tumbling by about 800,000 barrels per day (bpd), according to CNBC.

Russian oil output has reached 11.41 million bpd, a level unseen since the collapse of the Soviet Union in 1991, an industry source told Reuters on Wednesday.

After starting the month at almost four-year highs, bolstered by looming USA sanctions on Iran's crude exports, oil prices posted their the biggest monthly drop in more than two years.

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In fact, there is talk that the U.S. is going to grant waivers to some buyers of Iran crude as many countries need oil to build up products ahead of winter and the U.S. is hard pressed to find alternative supply, as product demand was just off a record high for this time of year as total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.4% from the same period last year. The last week of October saw crude oil continue to trade bearish owing to firm United States dollars in broad market and bearish equity markets putting pressure on purchasing power of investors from Asia and other emerging markets.

Thus, the cost of the futures on Brent crude rose by 0.63%.

A list of all countries getting US waivers allowing them to import Iranian oil is expected to be released officially on Monday, industry sources say.

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The US decision to grant the waivers came after major importers of Iranian crude resisted calls by Washington to end their oil purchases as winter looms.

Bears guarding $ 64 barrier, as rising global supplies continue to weigh. China's imports from Iran fell by 34 per cent in September from the year-ago period, official Chinese customs data showed.

According to the data released by the U.S. Energy Information Administration, crude oil inventories increased by 3.22 million barrels in the week ended October 26, less than forecasts for an over 4 million barrels increase.

US crude inventories data is due to be released on Wednesday.

Brent crude futures fell $1.57 a barrel to $73.47 a barrel as of 11:38 a.m. EST (1538 GMT), while US futures were down $1.40 a barrel at $63.91.

"The strong build in oil inventories is likely to keep downward pressure on oil prices", ANZ Research analysts said in a note.

USA sanctions on Iranian crude oil exports would take effect on November 4, prompting more countries to cut imports from Iran. This is where the market bottomed in August, in June and back in the spring. I think the next couple of days will be crucial as to the future direction.

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