Reliance Industries makes first purchase of US crude

Putin undecided on running for president in 2018

West Texas Intermediate for November delivery was at $50.43 a barrel on the New York Mercantile Exchange, down 15 cents, at 08:45.

Ed Morse, global head of commodities research for Citigroup, strongly disagrees: he told CNBC that with regards to the market rally, "we think it's for real" and dismissed Monday's losses as coming "in the middle of a bit of a sell off, maybe even testing the $50 level for WTI".

Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel.

Reliance Industries Ltd (RELI.NS) has purchased crude oil cargoes from the United States for the first time, drawn by the lower price for USA oil versus global benchmarks, three trade sources said on Tuesday. The trend follows last week's report from drilling services company Baker Hughes, which counted five new rigs in the US energy sector.

"Further upside can be expected as USA shale players take advantage of the healthy price environment", analyst Stephen Brennock wrote. The analysts also expect to see a climb of 1.5 million barrels in gasoline stocks and a fall of 2.4 million barrels for distillates.

Endocyte, Inc. (NASDAQ:ECYT) Under Analyst Spotlight
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Tata Motors wins India's ₹1120 crore electric vehicle tender
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Stones backs ruthless Kane to keep scoring
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An energy ministry spokeswoman said no special measures had been taken to ramp up oil output last month.

As with supply and demand economics for any good or service, when the supply of that good - in this case oil - rises, it's value declines.

Crude prices advanced in September on projections for tightening supply, but fell 2.1% Monday.

Investors are watching the Organization of the Petroleum Exporting Countries for signs on whether its members will extend their production cuts beyond the current end date of March 2018.

Oil's bull market rally stumbled into some bad news. In other market developments, Russian Energy Minister Alexander Novak announced that Saudi Arabia and Russia planned to set up a $1 billion fund to invest in energy projects as Saudi's King Salman prepared to visit Moscow to strengthen their mutual cooperation on oil markets. Nigerian output increased by 20,000 barrels to 1.77 million barrels a day, just short of the 1.8 million barrels a day that could eventually lead to its participation in OPEC's effort to reduce output.

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