Oil Recovers Some Losses On Record Indian Imports After 6% Fall

Oil falls after Russia preaches patience rather than production cuts

Brent crude, the global benchmark, was up $1.00 to $63.53 per barrel at 1202 GMT and traded as high as $63.77.

Brent crude futures were $2.72, or 4.1 percent, lower at $64.07 a barrel.

In the week ending November 13, hedge fund managers cut their net long position-the difference between bullish and bearish bets-in WTI Crude to the lowest since August 2017 and cut their net long position in Brent Crude to the lowest in a year and a half, according to data from exchanges and the U.S. Commodity Futures Trading Commission (CFTC) compiled by Bloomberg. The worldwide benchmark fell as much as 7.6 per cent to $61.71, the lowest since December 2017.

Brent crude in London fell by $0.46 and the price of WTI in NY fell $0,29.

Despite an expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October, and the entire structure of the forward price curve has changed.

"When the stock market comes off 8 or 9 percent, it tends to conjure up images of a weak global economy and that feeds into expectations of weaker-than-expected oil demand".

The S&P 500 hit a three-week low on Tuesday as weak results and forecasts from big retailers fanned worries about holiday season sales, while tech stocks continued to slide on concerns about iPhone sales. "If we look at next year's oil-market balance, it should be well within OPEC's capability to hold back supply as needed in order to manage the market".

Amid the uncertainty, financial traders have become wary of oil markets, seeing further price downside risks from the growth in US shale production as well as the deteriorating economic outlook.

With the U.S. -China trade dispute threatening to hurt global economic growth, demand for crude oil is expected to drop significantly in the near term.

"The list of reasons for the decline are pretty specific. too much supply and a risk of slowing demand growth", said James Mick, Energy Portfolio Manager with us investment firm Tortoise.

But experts said any threat to supplies were limited to begin with.

Meanwhile, production is at or close to record highs in the US, Russia and Saudi Arabia.

Prices were lifted by a report of an unexpected decline in United States commercial crude inventories and record Indian crude imports.

USA crude production C-OUT-T-EIA has soared nearly 25 percent this year, to a record 11.7 million barrels per day (bpd).

OPEC, Russia and other non-OPEC producers are considering a supply cut of between 1 million barrels per day (bpd) and 1.4 million bpd at a December 6 meeting, sources familiar with the issue have said.

Russian Energy Minister Alexander Novak said Monday that the country and its OPEC allies need to watch the oil market in the coming weeks before making any decisions to reduce output.

Related news:

Hot News

isis-killer-beheading-video-story-top Theresa May loses minister amid furious backlash to her Brexit plans
Nov 20, 2018 - 19:51
The question of Mrs May's survival is one that the EU27 are watching closely as Tory rebels continued to attack her plan. Rudd had resigned as Home Secretary in April after admitting she "inadvertently misled" MPs over deportation targets.

isis-killer-beheading-video-story-top Sarah Palin Piles Into Alexandria Ocasio-Cortez for Fumbling 'Basic Civics'
Nov 20, 2018 - 19:11
Ocasio-Cortez also admitted as a woman of color running, you get opinions from others from all sides. Alexandria Ocasio-Cortez is not a girl", they wrote in a tweet in response to Scarry's tweet.

isis-killer-beheading-video-story-top Tekashi 6ix9ine is a member of Nine Trey gang
Nov 20, 2018 - 17:58
Tekashi 6ix9ine was arrested on federal crime charges in the evening of Sunday, November 18, TMZ reports . The indictment accuses gang members of murder, robbery, assault, the sale of drugs, and more.

isis-killer-beheading-video-story-top Van Dijk volley sends Dutch to Nations League finals
Nov 20, 2018 - 15:29
Ronald Koeman's team join Portugal , England and Switzerland , who shocked Belgium on Sunday, in the final four next summer.

isis-killer-beheading-video-story-top Utah Jazz: Donovan Mitchell and Co. fight, but fall short in Philly
Nov 19, 2018 - 10:18
Stevens and the Celtics have been victorious in three straight home games against the Raptors dating back to February 2017. Favors and Mitchell scored eight points each in the second quarter as the Jazz pulled within two points at the half.

isis-killer-beheading-video-story-top Justin Bieber and Hailey Baldwin are married, not headed for divorce
Nov 19, 2018 - 09:34
While a third follower added: "You guys make such a lovely couple, wishing you both a very long and happy marriage". Nona Melkoni, who said she had dinner next to them at Joan's on Third in Studio City, California, back in October.

isis-killer-beheading-video-story-top 5 possible fallouts from Survivor Series
Nov 19, 2018 - 06:43
WWE Crown Jewel will have a live telecast on Sony Ten 1, Sony Ten 1 HD (both English) and Ten 3, Ten 3 HD (both Hindi). Survivor Series is just a few days away, and this year's pay-per-view is arguably one of the most anticipated Red vs.

isis-killer-beheading-video-story-top Macron: France is U.S. ally, not vassal state
Nov 19, 2018 - 04:02
The comments were widely viewed as a rebuke of Trump , who sat stone-faced in the company of other world leaders as Macron spoke. To this end, Mr Macron has gone out of his way to court Donald Trump from the moment he entered the White House.

isis-killer-beheading-video-story-top 'Let's Go' titles are a fine primer for the novice Pokemon trainer
Nov 19, 2018 - 03:18
Fortunately, in Pokemon Let's Go Pikachu and Eevee , trainers can absolutely ride certain Pokemon around if they so choose. We also discuss how to transfer pokemon to Pokemon Lets Go and any restrictions there are in this process.

isis-killer-beheading-video-story-top US State Dept Says No 'Final Conclusion' on Khashoggi Killing
Nov 18, 2018 - 23:30
The Trump administration on Thursday imposed penalties on 17 individuals over their alleged roles in the killing of Khashoggi. He pushed for Riyadh to disclose the location of Khashoggi's remains and called for the suspects to be tried in Turkey .

isis-killer-beheading-video-story-top Will Cleveland Browns Consider Condoleezza Rice for Coach?
Nov 18, 2018 - 23:14
Rice served as national security adviser and secretary of state in the George W. The Cleveland Browns' incompetence is legendary in the NFL.

isis-killer-beheading-video-story-top Netanyahu battles to save weakened ruling coalition
Nov 18, 2018 - 22:25
Protesters walk toward the fence of Gaza Strip border with Israel during a protest east of Gaza City on November 16, 2018. On Thursday, Finance Minister Moshe Kahlon and Interior Minister Aryeh Deri also called for early elections.

isis-killer-beheading-video-story-top England have 'great chance' to win second Test despite Sri Lanka fightback
Nov 18, 2018 - 21:35
Before that, England's last-wicket pair, Foakes and James Anderson had added 22 to the overnight score. The umpire deemed it as a deliberate short-run and consequently, the hosts were penalised.

isis-killer-beheading-video-story-top Rain predicted for North California fire zone
Nov 18, 2018 - 18:32
We're going to make it better. "And it's going to happen as quickly as it can possibly happen". The Woolsey Fire has razed 39,660 hectares and has been 62 per cent contained.

isis-killer-beheading-video-story-top Democrat Gillum concedes Florida governor's race, congratulates DeSantis
Nov 18, 2018 - 13:15
In neighbouring Georgia, Democrat Stacey Abrams conceded to Republican Brian Kemp in another bitterly close election result. He and other Democrats repeatedly said they were sticking with the campaign until all legally cast votes were counted.