Crude Oil Analysis: Oil Waivers Raises Risk of Key Support Break

Oil price falls to $75 from high of $86

Futures dropped 0.6 percent in NY, taking the weekly loss to 6.3 percent, the biggest since February.

- Oil price to stabilise amid rising USA supply says Barclays.

Oil prices fell on Tuesday, depressed by concerns that the U.S. Oil has been caught in the global financial market slump this month, with equities under pressure from the trade fight between the world's two largest economies.

United States sanctions on Iran's crude oil exports take effect November 4 and have been part of a bullish argument for crude prices as they would further tighten supply.

"Right now, from a crude oil perspective, the market is well supplied". "The focus has shifted, leading to a sell-off by hedge funds, and that's causing the slide".

Sarri opens up on Loftus-Cheek's strengths and weaknesses
The Rams scored a couple of own goals and we needed a Cesc Fabregas victor in the first half to ensure passage into the next round.

Djokovic books place in Paris Masters quarterfinals
It helped him to maintain the remarkable spell of form that has seen him rise from number 22 in June to the top of the game again. The victory extended Djokovic's streak to 30 consecutive sets, surpassing his previous best effort of 29 achieved in 2015.

Lifestyle programme for women with family history of breast cancer
Dr Mr Beatrice Wiafe Addai said statistics available indicate that 58% of breast cancer patients are under the age of 50. The psycho-social aspect of recovery has often been related to the physical appearance post cancer treatment.

The oil for December delivery too fell by Rs 81, or 1.65 per cent, to Rs 4,832 per barrel in volume of 293 lots West Texas Intermediate (WTI) crude oil eased 0.39 per cent, to Dollars 64.92 a barrel while global benchmark Brent crude was down 0.63 per cent at USD 74.57. Exports of refined products rose by 6,000 barrels a day last week to remain at about 5.35 million barrels a day. The global benchmark crude traded at $9.33 premium to WTI for the same month. Crude Oil price could turn range bound in week ahead as investors now patiently wait to observe impact of USA sanctions on Iranian crude oil and updates on Sino-U.S. trade related talks as positive outcome would be good for Crude oil since China is the biggest importer of Crude oil in the world. The other four that will get waivers weren't identified.

Oil production from these three producers reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed. Thanks largely to US shale, the fast-growing production from the USA has moved the United States ahead of both Russian Federation and Saudi Arabia.

Despite the lower output from Iran, some exports from the Persian Gulf nation will likely continue if the Trump administration officially grants waivers to India, South Korea and potentially others. "While it may take longer, substantial Iranian losses appear unavoidable and the outlook for prices remains constructive". That's a post-Soviet record, and not far off the highest-ever production.

On Wednesday, the U.S. Energy Department said overall United States crude output hit a record 11.35 million barrels per day in August, and it is expected to keep growing.

To the extent that interest rate changes would be inappropriate if not for the inflation generated by rising oil prices, then the adverse economic impact coming from the oil market could be twofold in some countries.

Related news:

Hot News

isis-killer-beheading-video-story-top PM Khan: Pakistan Wants to 'Learn' from China's 'Phenomenal Achievements'
Nov 03, 2018 - 08:28
Khan will meet Chinese Premier Li Keqiang on Saturday (today), when the two countries are expected to sign a series of agreements. The prime minister on the occasion also reiterated his vision to further cement Pak-China economic and strategic cooperation.

isis-killer-beheading-video-story-top Destiny 2 on PC Available as Free Gift This Month
Nov 03, 2018 - 08:27
Those who don't own Destiny 2 on PC can grab the game as a free gift off Battle.net from today through November 18. If you want to try Destiny 2 and you don't already have the Battle.net launcher, you can download it right here .

isis-killer-beheading-video-story-top Iran rejects Denmark claim about attempted attack
Nov 03, 2018 - 08:12
He cited a foiled bombing attack that targeted a June rally organized by an Iranian opposition group near Paris. Another Arab separatist group and the ISIL claimed the attack but neither gave proof to support their claims.

isis-killer-beheading-video-story-top Khashoggi's body cut into pieces and 'dissolved'
Nov 03, 2018 - 08:03
The adviser, Yasin Aktay, said that's why the body of Khashoggi, a Washington Post columnist and US resident, was cut into pieces. Saudi Arabia has faced backlash over the death, including from its allies, who have called for answers.

isis-killer-beheading-video-story-top NFL Cheerleader Kneels for National Anthem Before San Francisco 49ers Game
Nov 03, 2018 - 07:45
Kittle led all receivers with four catches for 108 yards, while Mostert was the game's top rusher with 86 yards on seven carries. Kyle Shanahan said he wasn't told whether Mostert was done for the year, but added, "I would assume so with a broken arm".

isis-killer-beheading-video-story-top Probe Parker approaches the Sun
Nov 02, 2018 - 01:48
Since its launch on August 12 from Florida's Kennedy Space Center, the probe has passed Venus and is heading closer to the Sun . It will also gather information on the magnetic and electric fields of the sun, and it will sample the corona's particle.

isis-killer-beheading-video-story-top Thompson sets 3-pt record with 14, drops 52
Nov 02, 2018 - 01:41
Unexpectedly, Los Angeles built an early lead by posting an 8-0 run - highlighted by shots made from Russell and Young. Damian Lillard has already had a pair of 40-point nights, and Kemba Walker is one point shy of doing the same.

isis-killer-beheading-video-story-top U.S. plans more China tariffs if Trump-Xi meeting fails
Nov 02, 2018 - 01:29
Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties. Bloomberg reported on Monday that the USA is preparing tariffs on all remaining Chinese imports if the talks fail.

isis-killer-beheading-video-story-top Hamilton takes fifth title as Verstappen wins in Mexico
Nov 01, 2018 - 02:32
Pierre Gasly will be taking Ricciardo's place in a promotion from Red Bull's junior team Toro Rosso. He'd said before the race he likely couldn't beat the Red Bulls.

isis-killer-beheading-video-story-top School Bus Crash Near Talma Devastates Family
Nov 01, 2018 - 00:58
Shepherd faces three felony charges of reckless homicide and a misdemeanor of passing a school bus with the arm extended. Four children were in the process of crossing the road to board the bus when they were struck by a pickup truck.

isis-killer-beheading-video-story-top Trump vows to end birthright citizenship in challenge to 14th Amendment
Nov 01, 2018 - 00:41
The Supreme Court has not ruled specifically on the issue of whether illegal immigrants can be denied birthright citizenship. Trump floated the idea of changing that in a TV interview with Axios , excerpts of which were made public on Tuesday.

isis-killer-beheading-video-story-top US President Donald Trump suggests he will end birthright citizenship soon: Axios
Nov 01, 2018 - 00:22
Well, those days are over with as President Trump said he will use an executive order to suspend the 14th Amendment . The mainstream legal consensus is that a constitutional amendment would be required to change that.

Tyler Perry reveals he's killing off iconic Madea character
Nov 01, 2018 - 00:17
The play was directed and written by Perry, who also starred in the play and portrayed the fictional character. Spanning 10 installments, the Madea film franchise has garnered more than $500 million worldwide.

isis-killer-beheading-video-story-top Imran Khan calls for calm as protests erupt after blasphemy verdict
Nov 01, 2018 - 00:15
Her treatment became a cause for religious rights groups in Pakistan and the West, which saw her acquittal Wednesday as a victory. Her case drew the attention of global rights groups and swiftly became the most high-profile in the country.

isis-killer-beheading-video-story-top National Football League trade rumors: Patriots have discussed WR Thomas
Oct 31, 2018 - 01:02
Gordon, however, was on the field for the first possession of the game Monday. He has recorded 33 catches and three touchdowns this season.