India Placed Oil Orders with Iran for November

Crude Oil

Futures in NY slipped as much as 1.2 percent, on course for a third weekly drop of over 3 percent.

Brent crude futures were down 49 cents, or 0.6 per cent, at $76.40 a barrel by 0649 GMT.

"Global oil benchmarks have been hit hard since the start of Q4 2018 as market confidence fell (because of) weaker economic projections beyond 2018 and a massive sell-off in global equities", said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.

Touching upon the importance of oil market stability for the USA, senior energy expert Omid Shokri says it is not easy to drive Iran's oil export to zero in short term.

U.S. West Texas Intermediate (WTI) crude futures were at $66.44 a barrel, 38 cents, or 0.6 percent, below their last settlement. I think USA and Saudi due to mutual interest are interested to manage any tension with aimed of decreasing Iran's role in world oil market. India, the second largest importer of Iranian oil after China, may face difficulty in supplying its huge domestic demand for oil.

The market for months has weighed concern surrounding potential supply shortages from US sanctions on Iran, due to come into force November 4.

Economic uncertainty and the woes of the Asian stock market unsettled the oil price this week to the downside.




Supporting the bearish mood was a report that showed rising inventories at Cushing, Oklahoma, the delivery hub for US crude futures.

This has also impacted energy firms, with the Australian energy index.AXEJ, which tracks the country's main oil and gas firms, down 10 percent this week in what is the biggest fall in three years.

A committee of crude producers including Russian Federation and Saudi Arabia highlighted on Thursday the need to prepare "options" for how much oil they should pump next year to prevent the market slipping back into imbalance.

Saudi Arabia Energy Minister, Khalid Al-Falih, said there could be a need for intervention to reduce oil stockpiles after increase in recent months.

Meanwhile, U.S. production is soaring, boosted by technological advances that have enabled drillers to tap shale formations, with output this year forecast to overtake the previous annual record in 1970.

Iranian oil is available on the Energy Bourse also for foreign buyers receiving the trade code, according to Deputy Petroleum Minister Ali Kardor.

Iranian oil tanker approaching the port of Rotterdam, Holland.

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