Oil prices dropped again after two-week loss. USA light crude was 25 cents lower at $63.44, down more than 13 percent since hitting four-year highs a month ago. They dropped 1.3 percent the day before, after hitting their lowest since August 17 at $65.33 a barrel.
The West Texas Intermediate (WTI) and Brent crude oil benchmarks ended the day lower Tuesday.
On November 4, 2018, USA sanctions on Iran will begin and Washington has made it clear it expects for Iranian oil customers to stop buying. These numbers are in line with seasonal trends; oil inventories typically rise as refineries re-tool for winter product blends.
"Right now, from a crude oil perspective, the market is well supplied".
Japan last loaded crude oil from Iran in mid-September, according to Refinitiv data.
Oil prices are falling again, Friday, as concerns over short-term supply worries ease, despite the United States sanctions imposed on Iran.
Crude for delivery in November was trading lower by Rs 18, or 0.31 per cent, to Rs 4,644 per barrel, with a business volume of 3,014 lots.
Yet over the past 20 trading sessions, oil and stocks both peaked in early October and both have lost almost 10 percent through the end of the month. For example, should the world lose Iran's 2.7 million barrels per day, OPEC may not be able to fill the gap.
Brent crude futures had gained 49 cents, or 0.7 percent, to $76.40 a barrel by 0619 GMT.
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US crude inventories rose by 3.22 million barrels for a sixth week, the longest streak of gains since March 2017, the Energy Information Administration reported Wednesday. Earlier, U.S. crude stockpiles had increased more than expected on five successive weeks. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.
"The U.S. may use waivers to slow walk implementation, but these will not apply indefinitely", he added.
Increases in global supply, as well as trade war tensions between the U.S. and China, sent oil plunging earlier in the week.
However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound. Meanwhile, Brent further increased 0.74 dollars to 77.63 USA dollars per barrel. The US government and OPEC are doing their part to try to cool oil prices ahead of US sanctions on Iran and yesterday they had some success.
Washington has made it clear to Tehran's customers that it expects them to stop buying any Iranian crude oil from that date.
"We're pleased with the increase in production from the second quarter of 2018 recognizing it reflects contributions from just one of our key growth areas, the Permian", CEO Darren Woods said.
Oil prices dropped more than 1 per cent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the US-China trade war. 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.
Meanwhile, the market will focus on the news of any meeting between officials from China and the United States aiming at seeking solution to the ongoing trade tensions.