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!
In 2016, Egyptian author Ahmed Naji was sentenced to two years behind bars after he published a book with references to sex. She will go on trial on January 12 after a complaint by a group of lawyers was made to the chief prosecutor in Egypt .

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.

Related:

Comments

Latest news

Mauricio Pochettino insists Arsenal were fresher than Tottenham from midweek
It looked like it could be a tough afternoon for Arsenal going into the half-time break. Arsenal's next Premier League test is a trip to Manchester United on Wednesday night.

Pochettino ready for clash with 'good friend' Emery
The two coaches will meet for the first time in the Premier League this weekend and Pochettino has insisted that he will put his friendship with Emery to one side until after the match .

63 arrested in clashes with police in Paris
France's failure to quell the anger has led to copycat yellow jacket movements in Belgium, Germany and the Netherlands. Security officials were locked inside the Interior Ministry for crisis talks for several hours during the afternoon.

ESPN’s Playoff Predictor Has Ohio State In Over Oklahoma, Georgia
They took on the top-ranked Crimson Tide, whose closest game all season was a 22-point victory over Texas A&M in September. The Buckeyes rank 4th in strength of record, while the Sooners rank 6th.

Payless tricks upscale shoppers with fake store called ‘Palessi’
People come up with all kinds of tricks to earn money and this US-based budget shoe brand did just that. Payless says it plans to use the footage from the event for upcoming ads.

U.S. Navy vice admiral found dead in Bahrain home
He became a Navy aviator in 1984 and served in strike fighter squadrons flying the FA-18 Hornet using the call sign "Sterno". The US Navy investigating the Fifth Fleet chief's death said no foul play is suspected at this point.

Portland Timbers to face Atlanta United in MLS Cup final
CT on ESPN). "We would have played every game at home this year, " NY midfielder Tyler Adams said, ruing the first-leg defeat. They earned a hard-fought goalless draw on the road and now will lean on their attacking prowess on Thursday (8:30 p.m.

County officials announce first flu death of the season
Getting a flu vaccine is the first and best way to protect the community from the flu and its potentially serious complications. Payne said Carteret Health Care is administering flu vaccines with the goal of getting 100 percent of employees vaccinated.

NFL Star Kareem Hunt Cut From Chiefs After Violent Video Surfaced
When asked to elaborate on the lessons he learned, he replied: "Just be in the right place at the right time". Police were called to the scene during the February 10 incident, but no charges were filed.

‘Daredevil’ cancelled: Netflix cuts Marvel roster down to 2
However, they have announced series based on Marvel characters like Scarlet Witch (Elizabeth Olsen) and Loki (Tom Hiddleston). One theory postulates that it's because of Marvel's owner, Disney , launching their own streaming service, Disney +.

Andy Robertson backs Liverpool foodbank appeal ahead of Merseyside derby
Liverpool host Everton on Super Sunday , live on Sky Sports Premier League, and ahead of the match Robertson learnt more about the role North Liverpool Foodbank plays.

Search of Deutsche Bank offices continues in German probe
The bank's list of problems grew further last week when Deutsche Bank's role in Danske Bank's money-laundering scandal came to light.

French protesters clash with police in Paris; 63 arrested
And the state is asking us to tighten our belts, but they at the contrary live totally above all standard with our money. The violence in Paris contrasted sharply with protests elsewhere in France on Saturday that were mostly peaceful.

England handed favourable Euro 2020 qualifying draw
Wembley Stadum will host both the semi-finals and final of Euro 2020, as well as three group games and one match in the last 16. As Netherlands and Germany are also Euro 2020 host nations, Ireland were unable to be drawn into the same group as the pair.

Rupees hits historic low ahead of talks with International Monetary Fund
From December 2017, the rupee has devalued against the dollar by nearly 27%. "Yes, IMF conditioned rupee devaluation". This is the sixth round of Pak rupee devaluation since December 2017.

Other news