Published: Wed, November 15, 2017
Markets | By Noel Gibbs

Oil falls for a third day, knocked by rising United States output

Oil falls for a third day, knocked by rising United States output

The organisation and non-member nations, including Russian Federation, had then chose to reduce global output of oil by 1.8 million barrels a day. For traders, "it's logical to do the extension", he said.

"We are seeing clear indications that the market is re-balancing at an accelerating pace and stability is steadily returning", Barkindo said.

On the supply side, tensions in the Middle East raised the prospect of disruptions, traders said, adding it was unclear whether a strong natural disaster that hit Iran and Iraq on Sunday had affected the region's oil production.

Investors were confident that OPEC's output curbs would continue to support upside momentum in crude oil prices ahead of the upcoming Nov, 30 Opec meeting.

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The cut in exports is part of the strategy the Organization of Petroleum Exporting Countries adopted in 2016 to fight a worldwide oil glut, which caused prices to fall.

Bahrain said over the weekend that an explosion which caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role in the incident. However, it also pointed out that Saudi output had risen above 10 million barrels per day. "We are not going to meet in that quarter unless it is extraordinary", Mazroui said at an energy industry conference.

Fitch Ratings said in its 2018 oil outlook that it assumed 2018 "average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained".

Hedge funds and other money managers raised their bullish wagers on USA crude futures and options positions in the week to November 7, data showed on Monday. That maintained the highest level since mid-April.

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But the tensions in the Middle East have raised the prospect of disruptions of crude oil supply, though the price of Brent was steady yesterday at $63 per barrel, close to its two-year high.

Money managers now hold a net long position in Brent futures and options equivalent to almost 544 million barrels of oil.

"I am going to attend the meeting end of November in Vienna", H E Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas, said.

The number of rigs operating in USA oil fields rose by nine to a total of 738 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.

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The rig count fell in August, September and October, but last week's rise was the second in three weeks, indicating that the US oil industry was comfortable operating at current prices.

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