U.S. oil continues to fall. When will the turnaround come?

Oil falls after Trump urges OPEC not to cut supply

Citing the Trump administration's decision to grant the top buyers of Iran's oil a temporary waiver from sanctions imposed on November 5, Al-Falih said the "sanctions didn't cut so much out of the market as anticipated", Radio Free Europe reported. The same is also the impact when currency exchange rate fluctuates by Re 1 per United States dollar. "Oil is in a weakened technical position and we had lighter than normal volume due to the Veterans Day holiday".

Oil prices have fallen sharply to levels not seen for nearly a year as traders see a return of a glut in supplies at a time of falling demand. Saudi Arabia is the largest crude oil producer within OPEC, although the USA and Russian Federation now produce more oil than the kingdom.

Brent is in so-called "bear market" territory alongside USA crude as it has fallen by more than 20% since its peak - $86 in early October.

Trump appeared to criticize the announcement in a Monday tweet: "Hopefully, Saudi Arabia and OPEC [Organization of the Petroleum Exporting Countries] will not be cutting oil production".

WTI is now priced well below $60 a barrel.

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That led to a sharp price drop on Monday and the sell-off continued into Tuesday. This is 90,000 bpd more than what OPEC forecast a month earlier, and will be also helped by higher production in Canada, Russia, and Kazakhstan.

Merrill Lynch says USA crude production will break through 12 million bpd in 2019, supporting oil exports to the rest of the world.

Al-Falih, who on Sunday said the kingdom would cut production by over 500,000 barrels per day in December, said Monday that Saudi Arabia had been giving customers "100 percent of what they asked for".

Dutch bank ING said an abundance of global supply as well as the threat of economic slowdown meant "cuts over 2019 are unavoidable".

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