Russia And Saudi Arabia React Unhappy With Trump On Oil Prices

Russia And Saudi Arabia React Unhappy With Trump On Oil Prices”

Oil prices dropped 2 percent on Wednesday as U.S. equity markets broadly fell, even though energy traders anxious about shrinking Iranian supply from U.S. sanctions and kept an eye on Hurricane Michael, which closed some U.S. Gulf of Mexico oil output.

OPEC said its own production rose by 132,000 bpd in September to 32.76 million bpd, the highest according to the monthly report since August 2017.

India, Iran's top oil client after China, was one of the few nations that continued to trade with the Middle Eastern country when sanctions were previously in force.

Global demand growth for 2018 was forecast at 1.54 million barrels a day, down by 80,000 from the prior month's estimate. Iran's condensate and crude oil exports began to drop down with noticeably state in August and sustained to drop down in last and current month.

Oil traders will watch for the weekly USA drilling rig count, an indicator of upcoming production, which is due at about 1 p.m. from Baker Hughes. USA crude futures fell 2 cents to $70.95.

Iran's crude oil exports dropped down to 1.1 Million bpd (barrels per day) during the start of October, falling down from 1.6 Million bpd in September since the USA sanctions on Iran's oil is just a few weeks away.

Early in the session, crude rose as global equities were set for their biggest daily gain in almost a month.

Brent crude fell $1.74 a barrel to a low of $81.35, its lowest since September 27, before recovering a little to trade around $81.70 by 0850 GMT. The EIA report also showed that the distillates inventories was down 2.7 million barrels. "If it were not for the trade dispute, the oil market probably would have kept its momentum on lingering supply risks".

In the last week, President Trump criticized the OPEC (Organization of Petroleum Exporting Countries) through verbal war over oil prices. At 410.0 million barrels, the figure is at the five year average for this time of year. Iranian crude exports dropped down further in the last week, as per an industry source and the tanker data, since customers are looking for alternatives before the start of the US sanctions.

Still, oil traders generally agreed that the Iran sanctions are hitting harder than expected, with Jeremy Weir, chief executive officer of Trafigura Group Pte. forecasting 2 million barrels per day (bpd) lost to the market and Vitol and Gunvor Group pegging the volume closer to 1 million bpd.

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