Published: Fri, November 09, 2018
Markets | By Noel Gibbs

Brent falls below $70 as USA crude enters 'bear market'

Brent falls below $70 as USA crude enters 'bear market'

According to the data released by the EIA this morning, crude inventories in the USA increased by 5.8 million barrels in the week ended October 2, rising much more than forecasts.

Pipelines are coming online in the Permian and Cushing is getting filled up again, which pressures oil prices to the downside, Cramer said. Companies that monitor Iran's shipments are already seeing a drop in tanker activity this month. (CNPC) said on Friday it was still taking oil from Iranian fields in which it has stakes. It is reported that the United States is demanding that India restrict its yearly purchase to 15 million tonnes a year which would amount to only 300,000 barrels a day. Yes, we can. Therefore, the bearish sentiments are keeping the crude oil prices in check.

In another counter-measure made possible by state control of the oil sector, Iranian authorities are using special exchange centers to sell dollars at cheaper rates to importers of basic foods, medicine and other essential goods.

Still, while the USA clampdown will probably trigger recession in Iran next year, economic meltdown should be avoided, with a reduced but still significant volume of oil exports continuing, a Fitch solutions analyst said.

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The agency said US crude oil production will average 10.9 million barrels per day in 2018 and rise to an average of 12.1 million barrels per day in 2019.

However, the administration granted waivers allowing eight major oil-importing countries - including China and India, Iran's top two customers - continue buying Iranian petroleum products without penalty for another six months. The key driver of this, in the short term, is the trade war between the United States and China. Tehran worries OPEC and non-OPEC countries such as Russian Federation will increase their production to fill the gap in response.

China will be allowed to import about 360,000 barrels per day without triggering sanctions, Reuters reported, citing sources.

Total volume traded was about 20% above the 100-day average.

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In a relief for India, the United States has exempted New Delhi from the imposition of certain sanctions for the development of the strategically-located Chabahar Port in Iran as well as the construction of the railway line connecting it with Afghanistan.

USA light crude fell to an eight-month low below $60 a barrel, hitting a trough of $59.28, down $1.39 and off more than 20 per cent since early October.

Front-month Brent crude oil futures were at $71.85 per barrel at 0115 GMT, down 28 cents, or 0.4 per cent, from their last close.

Now it will be key to watch "what happens after the exemptions expire in 180 days", the merchant trader said.

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India has "demonstrated" significant reductions in its crude oil imports from Iran.

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