EVENING LIVE CRUDE OIL UPDATE ::
Oil fell on Thursday, on course for its fourth consecutive week of decline, as rising crude supply met the bearish combination of concern over global growth and weak equity markets.
Russia is pumping oil at a post-Soviet high, U.S. crude output has topped 11 million barrels a day and a Reuters survey of OPEC production shows the group more than made up for any declines in Iranian shipments in October. EIA/PSM crude futures LCOc1 were down 79 cents at $74.25 a barrel by 1043 GMT, while U.S. futures CLc1fell 53 cents to $64.78 a barrel.
“Given these (output) numbers, with Russia pumping hard and the United States and OPEC as well, and we are not really seeing a pickup in demand for another month … it could indicate we’re back to the good old $70-80 range that persisted through April and August,” Saxo Bank senior manager Ole Hansen said.
A Reuters survey on Wednesday showed the Organization of the Petroleum Exporting Countries raised oil production last month to its highest since 2016, led with gains by the United Arab Emirates and Libya. OPEC/O
Brent and U.S. crude posted their biggest monthly percentage decline since July 2016 in October, with Brent down 8.8 percent for the month and U.S. crude losing nearly 11 percent.
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