Oil extends losses as markets fall, inventories climb
Oil extends losses as markets fall, inventories climb
India's oil imports from Iran edged up in September due to loading delays
11 Oct 2018- 18:48
14 October, 2018, 03:02
In its latest Short-Term-Energy-Outlook (STEO), EIA also estimated that US crude oil production averaged 11.1 million barrels per day in September, up slightly from August levels.
Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT.
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Tuesday, hitting a record-wide spread, while the light oil differential nudged up again, reaching a six-year record for the fourth trading day in a row.
Speaking of crude oil, recently, crude oil futures were increased in Asia as the USA indicated awareness to increase the pressure on the Maduro regime in Venezuela. The OPEC, however, has forecasted non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018.
Speaking of crude oil futures, recently Brent crude oil climbed to $84 as Iran exports fall further.
Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the International Monetary Fund (IMF) said. As per to the primary tanker tracking data collected by Bloomberg, the exports of Iran's condensate and crude oil dropped down in last month to 1.72 Million bpd that was down by 260,000 bpd and the lowest level since February 2016.
Iran exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed, Reutersreported.
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Crude supply is also a concern in the Middle East. Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of USA sanctions that take effect on November 4.
Oil traders will watch for the weekly USA drilling rig count, an indicator of upcoming production, which is due at about 1 p.m. from Baker Hughes.
Money managers cut their net long U.S. crude futures and options positions in the week to October 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
"According to secondary sources, total OPEC-15 crude oil production averaged 32.76 mb/d in September, an increase of 132 tb/d over the previous month".
Pradhan said that Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear program relegated it to the 7th spot in the subsequent years.
Worries about crude supply from the Middle East have given prices some support.
Oil has rallied this year on expectations the sanctions, coming into force on November 4, will strain supplies by lowering shipments from Iran, OPEC's third-largest oil producer.
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