Oil prices down more than 1% on rising supply, trade war

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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.

"The market is discounting this expectation right now", Thorpe said. 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 United States sanctions on Iranian Crude oil import greatly affected price momentum. Saudi Arabia raised production by 150,000 barrels a day to 10.68 million a day, the highest in Bloomberg data going back to 1962, while Iranian volumes slipped by 10,000 barrels a day to 3.42 million.

"The $100 per barrel crude oil forecast was always rather unlikely".

Schork thinks that the crude oil prices are now at a key level of support.

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Total production declined two percent from the same quarter past year to 3.8 million barrels per day of oil equivalent, the company reported, but production was higher compared with the April-June period and is expected to increase from current levels, according to the report.

Plus, it isn't clear how easily - or quickly Iran's crude-oil output can be replaced. In 2017, the country consumed more than 19 million barrels of crude oil every day.

Oil is also under pressure from rising output by the world's biggest producers, Russia, the USA and Saudi Arabia, which are helping to replenish global oil inventories after more than a year of stock draws.

In addition to Japan, India, and South Korea, the U.S. would grant the oil waiver to China as well, two people familiar with Washington-Beijing discussions said on the condition of anonymity.

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Oil is poised for the biggest weekly loss since February on concerns over growing supply at a time when speculation is increasing that USA sanctions on Iran won't cut the OPEC producer's exports to zero.

Meanwhile, Russia raised crude and condensate output to a record of nearly 11.41 million barrels a day in October, according to a government official, who asked not to be identified.

"We double down on our Brent crude trade adding a further 137 lots at $72.80, as we hold a strong conviction towards higher prices given the asymmetric risk profile generated from Iranian sanctions in the coming months", says Bart Melek, head of commodity strategy at TD Securities. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once USA sanctions are imposed.

In addition, the U.S. is increasing its oil production rates and doing its bit to help lower the oil price.

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US Crude WTIUSD closed for the month on bearish note as bearish price action solidified owing to reignited trade war between US & China as news hit market that US President Donald Trump plans to impose additional tariff on Chinese goods worth $257 billion.