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

Crude Oil

Brent crude futures had gained 36 cents, or 0.5 percent, to $76.27 a barrel after it fell 1.8 percent on Tuesday, at one point touching their lowest since August 24 at$75.09 a barrel.

In the previous week ending October 19, WTI and Brent lost 3.7 percent and 1.2 percent, respectively, and WTI and Brent settled at 69.12 US dollars and 79.78 dollars per barrel, respectively, at the end of the week. Meanwhile, output from top producers Saudi Arabia, Russia and the United States - as well as from OPEC as a whole - has continued to rise. The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 4.110 million barrels.

Imports of Iranian crude by major buyers in Asia hit a 32-month low in September as China, South Korea and Japan sharply cut their purchases ahead of the sanctions, government and ship-tracking data showed.

Iran's biggest oil customers, all in Asia, are seeking sanction waivers.

Marketmen said trading sentiment was dampened in futures trade here after oil prices retreated in the global market due to ample stocks. Outcome of macro data from Key global markets and Sino-US trade talks proceedings will now decide the medium term price action direction.

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New data released on Wednesday from the US Energy Information Administration showed a drop in USA fuel stockpiles, as crude oil inventories rose. US West Texas Intermediate (WTI) crude futures fell 86 cents to settle at US$66.18 a barrel, a 1.3 per cent drop. Prices capped this week's loss on signs of a possible trade agreement between the USA and China.

Investors now appear less concerned USA sanctions on Iran will leave the world short of oil, though the full impact of the penalties is yet to be seen. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.

A Reuters survey on Wednesday showed that Opec raised oil production last month to its highest since 2016, led with gains by the United Arab Emirates and Libya.

"There are two downward pressures on global oil demand growth". Earlier, U.S. crude stockpiles had increased more than expected on five successive weeks.

US crude futures broke through the $65 level that had held in place for the last several months, raising the possibility of further selling. The U.S. surpassed Russian Federation in August to claim the title of world's top oil producer, with the largest year-on-year output increase in U.S. history.

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