Crude oil futures settle at $74.96

Saudi Arabia,India,Saudi Arabia oil

Oil prices have slumped to more than two-week lows as global stock markets fall, with investor sentiment made more bearish by a bigger-than-expected build in USA crude inventories.

According to the outlook, Brent crude oil spot prices will average 74 USA dollars a barrel in 2018 and 75 dollars a barrel in 2019.

US West Texas Intermediate crude futures fell $US2.20 to settle at $US70.97 a barrel, a 3.01 per cent loss.

Reuters however reports that markets were supported as Hurricane Michael closed almost 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports.

Wednesday's cuts represent about 6.5 percent of the nation's daily output of 11.1 million barrels of crude. The global benchmark hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday.

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.

England play out stalemate with Croatia in Rijeka
Kane said: 'It was a unusual one, we're not using to playing with no fans, it's hard without the atmosphere'. We were braver and more decisive. 'Now the players are more established and look comfortable.

Operating conditions in the UAE non-oil private sector remained in expansion territory in September, even improving from August's strong performance, according to the Opec's Monthly Oil Market Report - October 2018. Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent US -led military strike on Syria sent stocks sharply higher and oil prices down.

Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said. Oil demand growth will be mainly driven by India, followed by China and OECD America, OPEC said.

Saudi Arabia and Libya increased output last month by 108,000 bpd and 103,000 bpd respectively, more than offsetting the 150,000-bpd decline from Iran to 3.447 million bpd, as reported by secondary sources.

The OPEC expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's report.

The cartel believed that the slowing economic growth and the increase of the world oil supply, led by the USA shale output rise are the reasons of oil demand decrease.

Crude output lost in the two days of storm shut-ins represents about 9 percent of the US production of 11.1 million barrels per day, according to data from the Energy Information Administration.

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