Oil set for worst week since February as supply fears subside

An Iranian warship

An Iranian warship

News that major consumers like India and South Korea are reportedly in line for waivers from United States sanctions on Iran "also helped calm worries". Oil companies boosted shale drilling in Texas, Colorado and other states in response to a 48 percent rally in prices.

After starting the month at almost four-year highs, bolstered by looming US sanctions on Iran's crude exports, oil prices posted their the biggest monthly drop in more than two years. The second week saw United States crude oil open bearish but price edged higher up owing to news of partial shutdown of oil rigs in Gulf of Mexico owing to hurricane Michael and reports of falling crude exports from Iran ahead of U.S. sanctions as investors worries that USA demand for oil embargo could result in significant supply shortfall.

Adding to the negative impact of the OPEC output figures, the U.S. Energy Information Administration on Wednesday reported a sixth straight week of builds in U.S. crude inventories.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.

"The $100 per barrel crude oil forecast was always rather unlikely". -China trade war, Reuters reported. Prices capped this week's loss on signs of a possible trade agreement between the US and China. The results of the last session - 1 November the price of Brent crude fell by 2.15 dollar (2,87%), and accounted for after the close of trading 72,89 per barrel, WTI - at $1,62 (2,48%), to 63.69 dollars.

Authorities Search Miami Postal Sorting Facility In Pipe Bomb Investigation
A similar package was found addressed to De Niro at his production offices in Manhattan, according to law enforcement officials. On Thursday, Delaware mail facility workers intercepted a suspicious package addressed to former Vice President Joe Biden .

Bears guarding $ 64 barrier, as rising global supplies continue to weigh.

USA production hit an all-time high of 11.3 Mmbpd in August, according to the Energy Information Administration's first reading of monthly data released Thursday.

Russian Federation is pumping oil at a post-Soviet high, USA crude output has topped 11 million barrels a day and a Reuters survey of OPEC production shows the group more than made up for any declines in Iranian shipments in October.

WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 0.51% to $66.35 per barrel. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound. In 2017, the country consumed more than 19 million barrels of crude oil every day. His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report". I think the next couple of days will be crucial as to the future direction.

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