US, Russia, Saudi Arabia Crash Oil Prices - World News

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West Texas Intermediate (WTI) crude CLc1 futures fell 87 cents to settle at $65.31 a barrel.

The price of December futures for WTI rose to 66,49 Dollars per barrel, up 0.47 percent.

The higher prices reversed drops earlier in the session, but Brent has still fallen by around 12% since the beginning of October, while WTI has lost 13% in value.

Analysts said oil prices were also supported by the upcoming USA sanctions against Iran's crude exports that will start on Nov 4. "Technically the market has been in a weak position", said Phil Flynn, analyst at Price Futures Group in Chicago. He suggests all of the adverse move was driven by factors that the market was already aware of and that there are number of reasons to think prices can rise rapidly again over the next three months.

USA supply surged by 2.1 million barrels from August 2017, the largest recorded increase in data going back to 1920, according to EIA. The first of week of October saw Crude oil trade in range bound fashion with price movement limited between $73 & $76 per barrel as investors worry and concerns over USA sanctions on Iranian Crude oil import greatly affected price momentum.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 0.51% to $66.35 per barrel.

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. Consultant Rystad AS estimates that even at $55 a barrel, the nation's output may reach 16.5 million barrels a day by 2030.

The summer driving season usually leads to higher consumption of gasoline in the United States for domestic travel, while the early fall is instead a period marked by refinery maintenance, all of which reduces oil consumption.

Brent crude futures had gained 49 cents, or 0.7 percent, to $76.40 a barrel by 0619 GMT.

The U.S. Energy Information Administration on Wednesday reported a sixth straight week of builds in U.S. crude inventories.

As reported, on October 3, world oil prices rose sharply, for the first time since November 2014 breaking milestone of $ 86 per barrel.

Benchmark Brent crude now trades above $80 a barrel.

Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million bpd by the end of the year, down from around 2.5 million bpd in mid-2018.

"Mounting perception of a weakening in global oil demand due to increasing tariff issues between the US and China, while extremely hard to measure, will be maintaining some negative influence in keeping would-be buyers sidelined", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.