Oil set for longest losing run since 2014 as supply fears ease

OPEC output cuts likely next year

U.S. light crude oil dropped 40 cents to $60.27, set for a fifth weekly fall, down 4.5 percent this week and more than 21 percent since early October.

Crude slumped after reaching a four-year high last month as the USA allowed eight countries to continue importing oil from the Persian Gulf state even after it hits the Opec producer with sanctions. The decline is due to an increase in supply from the United States and the OPEC (Organisation of Petroleum Exporting Countries). Opec also pledged to offset any supply gaps. Total volume traded was 13% below the 100-day average.

"Brent oil may slide further into a range of $68.59-$69.69 per barrel", said Reuters analyst Wang Tao.

Prices are on course for a fifth weekly drop of 3.2%. US West Texas Intermediate (WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement.

Jazz beat Celtics 123-115 in Hayward’s return to Utah
Hayward broke his ankle in Boston's first game last season and missed the rest of the year. The Celtics gave up a season-high 35 points in the third quarter.

Timberwolves Trade Jimmy Butler To 76ers In Blockbuster Deal
In a compromised bargaining position, the Wolves opted not to move him before the season and tried to make it work on the court. At the time of identifying his preferred trade destinations, Butler reportedly did not include the Lakers on the list.

Ian David Long's chilling final Facebook post before California bar shooting
US President Donald Trump responded to the latest slayings on Twitter , praising the "great bravery shown by police". The police captain also did not know whether the gunman had been "neutralised" or not calling the situation "fluid".

In the USA, crude production increased to a record 11.6 million barrels a day last week and stockpiles rose by 5.8 million barrels, according to the Energy Information Administration.

If the group does ultimately decide fresh cutbacks are necessary, it would mark its second production U-turn this year. For Saudi Arabia - the world's biggest crude exporter - it would be the third time in recent years that the kingdom has delivered a supply surge only to quickly reverse it. Nationwide stockpiles rose by 5.8 million barrels, exceeding the 2 million-barrel gain expected in a Bloomberg survey. In October, OPEC's crude production hit the highest since 2016 and Russian Federation hiked its output to a record of nearly 11.41 million barrels a day.

With oil market now officially in "bear mode " m traders are continuing to fear a slowdown in global growth at the hands of US President Trump's trade war with China, but still-rising crude supply levels are also helping to see prices go further down the tubes, with both OPEC and US-led production numbers set to increase even further.

Related News:



Most liked

Posh Spice wasn't invited for Spice Girls reunion
Fallon then had Stone take a quiz to figure out which Spice Girl she's most like and she was shocked to get Posh Spice, a.k.a. And she had a special affinity for Baby Spice aka Emma Lee Bunton. "She just didn't want to do it ...", Horner explains.

Yankees re-sign CC Sabathia to 1-year deal
It's rare that it derails deals, but we've seen it happen before. "We have ( Luis Severino ) and ( Masahiro) Tanaka locked in". It was reported earlier in the week that the Yankees were interested in trading for former Cy Young victor Corey Kluber .

Stephen Colbert slams protest at Tucker Carlson's home as 'monstrous cowardice'
Various public figures, including Megyn Kelly, said things like this need to stop. "His family does not deserve this", she added. According to a police report, a group of demonstrators gathered outside Carlson's Northwest Washington home Wednesday night.

Twitter salutes Harmanpreet Kaur after masterpiece in India’s opener
Harmanpreet got into the mode with two sixes off Jess Watkin in the 10th over, as India reached 76 for the loss of three wickets. In the process, Rodrigues, just 18, became the youngest player to score a fifty in Word T20 tournament.

Raging Wildfire Prompts Complete Evacuation of Malibu City in California
In total, there are now 14 wildfires blazing in California and acting governor Gavin Newsom has declared a state of emergency . Authorities were forced to shut down the 101, a major north-south artery, as well as the Pacific Coast Highway.

Sweden joins calls for stronger action to end Yemen war
The Pentagon has provided refueling capabilities for about 20 percent of coalition planes flying sorties over Yemen. Almost 10,000 Yemenis have been killed in the conflict since 2015, according to the World Health Organization.

Jamal Khashoggi’s fiancee horrified that his body may have been dissolved
Samples taken from the drains at the Saudi consulate in Istanbul showed traces of acid, pro-government daily Sabah said, without quoting sources.

Prima Games Shutting Down After 28 Years
While Roseville's will shut down by mid-November, the Indianapolis office will continue publishing until March 2019. Prima Games shutting down leaves just the one strategy guide publisher (Piggyback) left in the USA.

Fallout 76 beta locked to 63FPS on the PC because reasons
This issue will most likely be dealt with post-launch as Bethesda claims dealing with the stash size will "get easier over time". Our goal with voice chat being on by default is to highlight that the world is alive with real people, other players like you.

Hanoi Grand Prix to begin in 2020: F1 boss
Fan reaction to the Vietnam race was mixed, but Bratches says F1 fans can expect more of the same as Liberty looks to overhaul F1. "Firstly, we want to preserve the heritage races, they are very important to Formula 1 and they are very important to fans".

Deschamps Recalls 'Matured' Martial For Holland, Uruguay
He's experienced both good and bad times, which is also the case for his club. It is up to his talent, because he has phenomenal talent.

US, China can expect frank talks on sea clashes: ambassador
Despite twists and turns, Sino-U.S. relations have generally maintained steady progress over the past four decades, Xi said. A planned trip to Beijing by Mr Mattis last month was halted as military tensions between the USA and China escalated.

United Kingdom junior transport minister quits over 'terrible mistake' of Brexit deal
Even a no-deal Brexit "may well be better than the never-ending purgatory" that Mrs May's plan would offer, he said. Johnson outlined the reasons behind his decision in an article, accompanied by a video.

Westworld Sets Burn Down In California Wildfire
The set in the mountains west of Los Angeles dates to 1927 when Paramount Pictures leased the ranch and began making films there. HBO said it did not know extent of the damage and expressed concern for "all those affected by these frightful fires".

Modi govt trying to capture RBI could be catastrophic: Chidambaram
The rift has widened sharply in the past few weeks and will be taken up at the RBI's forthcoming board meeting on November 19. There have been reports that the Centre has already thrice asked the RBI to transfer Rs 3.6 lakh crore from its reserves.