Global growth fear pulls oil lower

Global growth fear pulls oil lower

Total crude output lost in the last three days from shut-ins amounted to 1.7 million barrels, according to BSEE data.

Crude prices are falling again Thursday morning, with WTI for November delivery trading down about 1.5% at $72.09.

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday. WTI is on track for a 3.5 percent drop this week.

China's daily crude oil imports in September hit their highest level since May, customs data showed on Friday.

The Organisation of Petroleum Exporting Countries (OPEC) has slashed its forecast of global demand growth for oil in 2019 for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.

Technology shares tumbled on fears of slowing demand and concerns about U.S. Japan's Nikkei 225 was down almost 4 per cent on Thursday.

"The large increase in overall crude oil inventories and a decent-sized increase at the Cushing, Oklahoma, delivery hub is a negative for prices, as it eases some of the supply crunch worries that have crept into the market", said John Kilduff, a partner at Again Capital Management in NY.

"So there is real commitment in the selling. adding to the idea that we are seeing a turn in the market", he said. For 2019, non-OPEC supply is expected to rise by 2.12 million barrels a day to an average of 61.89 million barrels a day, an increase of 14,000 barrels a day compared with last month's estimate.




United States crude stockpiles rose more than expected last week, while petrol inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

The group's daily production rose by 132,000 barrels in September to 32.76 million.

As Wednesday saw crude prices drop dramatically due to sudden concerns about oversupply and waning demand, it was unsurprising that some experts would warn of "extreme volatility" for prices due to the US sanctions against Iran.

Hurricane Michael crashed ashore Florida on Wednesday as the third most powerful hurricane ever to strike the USA mainland.

Vitol has just reduced its oil demand growth forecast for this year from about 1.6 million bpd to about 1.35 million bpd, he said.

In the U.S., Hurricane Michael has curtailed 40 percent of offshore crude output in the Gulf of Mexico this week, and is set to cause as much as $16 billion in damage.

Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said.

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