OPEC slashes growth forecast for global oil demand

Oil price extend losses as other markets fall, stockpiles climb

Oil price extend losses as other markets fall, stockpiles climb

The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably USA shale drillers.

Brent crude futures were down $1.32, or 1.6 percent, at $81.77 a barrel by 0543 GMT.

The global benchmark has retreated after hitting a four-year high of $US86.74 on October 3.

India imported 528,000 bpd of Iranian oil in September, up by 1 percent from August, due to delays of some August cargoes until Indian refiners received the government nod to import Iran's oil on Iranian tankers with Iranian insurance, Reuters reported on Thursday, citing tanker data by shipping and industry sources. Crude futures at times track with equity markets.

The other big factor in Vitol chairman's bearish forecast is that "no doubt about it-we're going to see demand destruction, sadly".

Trade wars and rising import tariffs are taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the International Monetary Fund said.

Crude prices jumped 1 percent on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still heading for its first weekly drop in five weeks.

US, China trade war might end soon, Asia expert says
Mnuchin said that investors have deftly handled supply from the unwinding of the Fed's financial crisis-era balance sheet. US President Donald Trump makes a statement at the White House in Washington , DC, on November 28, 2017.

Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the US mainland, leaving seven people least.

Oil producers including Anadarko Petroleum Corp, BHP Billiton, BP, Chevron Corp and Exxon Mobil Corp evacuated workers from 89 Gulf production platforms before the storm entered the Gulf.

In the US Gulf of Mexico, producers have cut daily oil production by roughly 42 per cent due to the storm, the Bureau of Safety and Environmental Enforcement said.

President Donald Trump said on Wednesday that the United States "will take care" of the countries which will continue to import oil from Iran after November 4 deadline when United States sanctions on Iranian oil purchases take effect.

Sanctions on Iran will be a big disruption in the oil market, leading oil traders concur, but their oil price predictions vary so widely that they are only highlighting the current mood in the market-uncertainty.

"We will take care of them", Trump told reporters when asked about the decision of some countries like India and China to continue to purchase oil from Iran.

The country's largest privately owned crude terminal, the Louisiana Offshore Oil Port, said late on Tuesday it had halted operations at its marine terminal. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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