Oil slips from four-month highs on economic concerns

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Crude futures soared to $80 per barrel in midweek for the first time since May, extending a rally fuelled by tightening global supplies and lingering worries about impending USA sanctions on key Opec producer Iran. In the U.S, crude inventories at the storage hub of Cushing, Oklahoma, may have increased for a fifth week, according to estimates compiled by Bloomberg.

US light crude settled down $1.78, or 2.5 per cent, at $68.59 a barrel. Brent, the worldwide benchmark, rose $1.67 a barrel to trade above $79. The global benchmark crude's premium to WTI for the same month was at $10.31, increasing further after closing at the highest level in more than two months on Monday.

"A drawdown in crude oil inventories isn't very comforting when you're going to lose a lot of Iranian crude in a couple of weeks", said Phil Flynn, an analyst at Price Futures Group.

Kemp concluded his forecast by citing Energy Information Administration figures showing that USA crude production in 2018 will likely average 10.66 million bpd, down from 10.79 million bpd at the time of its July forecast. USA shale, while signs of a production slowdown have yet to really materialize in the production data from the EIA, is still running into a rough patch.

The Organisation of Petroleum Exporting Countries, in its monthly oil market report for September released on Wednesday, said crude oil production from Nigeria rose to 1.71 million barrels per day in August from 1.53 million bpd the previous month.

This comes amid the Iranian oil sanctions which are set to be imposed on November 4th, while the USA have also demanded nations to drop Iranian imports to zero.

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Official weekly government data will be published by the U.S. Energy Information Administration (EIA) on Wednesday. The global record came as output from the Organization of the Petroleum Exporting Countries rose to a nine-month high of over 32 million barrels per day (mb/d). As Florence moves closer to the southeastern coast of the US, the storm appears likely to strengthen, forecasters said.

"It is related to the fact that not all the countries have managed to restore their market and production", he said, referring to outages and falling production in Mexico and Venezuela.

Opec and its allies will meet in Algiers this month to assess global oil markets after having agreed to increase output at their last meeting in June. "Russia has the potential to raise production by 300,000 barrels (per day) mid-term, in addition to the level of October 2016", he said.

That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high.

"We underestimated the degree to which New Delhi and Beijing would concede to Washington's demands", it said in a briefing note.

Both New York and London-traded contracts were buoyed on Tuesday as speculation swirled over whether a giant hurricane approaching the U.S. East Coast would disrupt supplies and drive up fuel prices.

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