Oil Prices Ease As Supply Outlook Improves: Kemp

Oil edges higher amid tension over death of Saudi journalist

USA benchmark West Texas Intermediate crude ended Thursday's trading session down $1.10, or 1.6%, to $68.65 a barrel, rebounding from a one-month low at $68.47/Bbl earlier in the session, Kallanish Energy reports.

Oil prices dipped on Thursday but pared losses as investors turned their attention to the impending loss of Iran's crude exports after the United States re-imposes sanctions in early November.

"U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades", the U.S. Energy Information Administration reported in September.

So far, a total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the National Iranian Tanker Co (NITC) are expected to arrive at Dalian in October and November, the data showed.

He said US Special Representative for Iran Brian Hook held talks with officials of various relevant ministries here on the issue. USA crude was down 64 cents at $69.11. The latest news in this due came on Tuesday, when National Iranian Oil Company (NIOC)'s Managing Director Ali Kardor announced that offering crude oil at Iran Energy Exchange (IRENEX) will be commenced on October 28 to thwart USA sanctions.

But those who are against the idea, say once we have not still resolved the problems and weaknesses in the stock trades, how can we set up a new proper ground for offering oil in this market?

President Donald Trump on Wednesday gave Saudi Arabia the benefit of the doubt in the journalist's disappearance, suggesting the White House may not take additional action against Saudi Arabia.

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On its part, India, the world's third-biggest oil importer, is facing record high retail prices after worldwide crude price soared and rupee depreciated against the USA dollar.

The oil weapon does not work, which is why Saudi Arabia is unlikely to employ it in the dispute over the disappearance of Washington Post journalist Jamal Khashoggi.

U.S. government officials have previously warned that India could face secondary sanctions if it goes ahead with its decision to purchase S-400 systems from Russian Federation. At the same time, according to the EIA, the United States consumes more than 20 million barrels every day.

On Oct 9 the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, partly due to the toll trade policy tensions and the imposition of import tariffs were taking on commerce.

In global markets, stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy's 2019 budget and higher USA interest rates.

While Trump has repeatedly demanded that OPEC take action to lower oil prices, he referred to Saudi Arabia as its ally and reiterated to reporters on Wednesday that Crown Prince Mohammed bin Salman's government agreed to buy $110 billion in US weaponry a year ago.

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