Why Crude Oil Could Continue Moving Lower

Nov 03, 2018, 02:02
Why Crude Oil Could Continue Moving Lower

Futures on Brent crude for delivery in December rose in price up to 76,39 dollars per barrel.

Barrel is the unit of measurement of oil volume.

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 a year ago.

This makes it attractive for traders to store oil for later sale, although Jefferies said "spreads are still insufficient to encourage physical storage". "The second one is global economic growth momentum slowing down", IEA chief Fatih Birol told an energy conference in Singapore.

London Intercontinental Exchange (ICE) is a London-based options exchange and a leading operator of global exchanges founded in 1982.

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Russian Energy Ministry data showed on Friday the country pumped 11.41 million bpd of crude in October, a 30-year high.

News of a global economic slowdown will impact sentiment but the market appears to be relatively well supplied despite the imminent Iran sanction effect. The U.S. has agreed to let eight countries - including Japan, India and South Korea - keep buying Iranian oil after it reimposes sanctions this weekend to prevent a spike in prices, a senior administration official said.

The focus now remains on the United States jobs report for fresh impetus on the USD-sensitive commodity ahead of the USA rigs count data release.

The price of crude oil fell yesterday after a new report from OPEC revealed that its members were increasing production.

US sanctions on Iranian crude oil exports would take effect on November 4, prompting more countries to cut imports from Iran. Petoro AS, the company that manages the Norwegian government's massive stake in the country's oil and gas fields, warned that the industry's costs could be rising for the first time since crude's collapse in 2014.

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There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018, according to reports.

One might expect the market to be nervous ahead of the impending U.S. sanctions on Iran, but the oil price dipped this week.

Oil prices fell on Wednesday and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong US demand for fuel. -China trade war kept pressure on the market.

Oil prices are falling again, Friday, as concerns over short-term supply worries ease, despite the United States sanctions imposed on Iran.

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