Oil prices fall amid further fears of oversupply

Gulf OPEC members covered output gap left by Iran on Trump’s call

The fluctuation in oil prices comes ahead of a meeting among the Organisation of the Petroleum Exporting Countries (Opec) that is scheduled to be held in Vienna on the 6th of December. The release of a new OPEC report in which the group revised down its demand forecasts for 2019, with higher-than-anticipated oil production from US shale oil regions and the decision by the USA government to grant exemptions from sanctions on Iranian oil included among the reasons for the crash.

But since reaching four-year highs in October, oil prices have plunged around 30 per cent as worries about falling demand in a slowing world economy have taken their toll.

"A decision will have to be made against a background of strong USA shale oil supply growth, and for now, weaker expectations on global oil demand growth". Both contracts are up about 1 percent this week, the first weekly gains in nearly two months.

"You're going to have a ballet and concert of various statements that are either contradictory or reinforcing leading up to the OPEC meeting", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London. The more active February Brent crude futures lost 45 cents to settle at $59.46 a barrel.

Buenos Aires: President Vladimir Putin said on Saturday that Russian Federation and Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets.

Actress in Egypt may be jailed for 5 years for this dress!
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A CME group indicator suggested that expectations of a production cut were weakening.

United States crude oil production rose about 129,000 barrels per day (bpd) in September to a fresh record of about 11.5 million bpd, the Energy Information Administration said in a monthly report.

The U.S. output surge will weigh heavily in discussions this weekend at the G-20 summit as well as at next week's meeting of OPEC and its allies.

In other energy trading, December gasoline RBZ8, -2.15% fell 0.9% to $1.441 a gallon, while December heating oil HOZ8, -0.52% rose 0.1% to $1.846 a gallon.

The January contract for the global benchmark, which expired on Friday, traded at a US$7.78 premium to WTI for the same month.



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