Skip to main content

Oil Price at Close Report: Oil prices sink 10.8% in October, settling at $65.31, in worst monthly loss since July 2016 I CNBC

cnbc.com


CNBC


A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.
Getty Images
A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.
Oil prices fell in volatile trade on Wednesday, posting their worst monthly performance since July 2016.
Strong U.S. demand for fuel helped offset a sixth straight weekly jump in American crude stockpiles and evidence of rising global supply, but oil prices fell late in the trading session.
U.S. light crude ended Wednesday's session down 86 cents, or 1.3 percent, at $65.31. The contract plunged 10.8 percent in October.
Benchmark Brent crude oil fell 44 cents at $75.47 a barrel, ending October down nearly 9 percent.
Both benchmarks were about $11 a barrel below four-year highs reached on Oct. 3 and saw their worst monthly performance since July 2016.
Oil has been caught in the global financial market slump this month, raising concerns about global oil demand. Equities have been under pressure from the trade war between the world's two largest economies, the United States and China.
The United States has already imposed tariffs on $250 billion worth of Chinese goods and China has responded with retaliatory duties on $110 billion worth of U.S. goods.
Oil market sentiment received some support on Wednesday from equity markets, which bounced from 20-month lows after pledges by China to support its markets.
Oil prices briefly gained after the U.S. Energy Information Administration said crude inventories rose 3.2 million barrels last week, less than expected. Gasoline and distillate stockpiles fell as total product demand over the past four weeks rose 5.4 percent from a year ago.
"In spite of the increase of crude oil inventories, crude futures prices are being supported by the inventory decline in refined products," said Andrew Lipow, president of Lipow Oil Associates in Houston.
New U.S. sanctions on Iran begin on Nov. 4 and Washington has made it clear to Tehran's customers that it expects them to stop buying any Iranian crude oil from that date.
Imports of Iranian crude by major buyers in Asia hit a 32-month low in September, as China, South Korea and Japan sharply cut their purchases ahead of the sanctions, government and ship-tracking data showed.
"The bullish argument for crude still centres on Iran sanctions which are due to begin in November, and continued output declines from Venezuela," said William O'Loughlin, investment analyst at Rivkin Securities.
But oil supply from other countries is rising. The top three producers - Russia, Saudi Arabia and the United States - pumped 33 million barrels per day (bpd) in September, Refinitiv data showed, an increase of 10 million bpd since the start of the decade.
Russian oil output has reached 11.41 million bpd, a level unseen since the collapse of the Soviet Union in 1991, an industry source told Reuters.
— CNBC's Tom DiChristopher contributed to this report.

Comments

Popular posts from this blog

Analysis | The Cybersecurity 202: How the shutdown could make it harder for the government to retain cybersecurity talent

By Joseph Marks 13-17 minutes THE KEY President Trump delivers an address about border security amid a partial government shutdown on Jan. 8. (Carolyn Kaster/AP) The partial government shutdown that's now in its 18th day is putting key cyber policy priorities on hold and leaving vital operations to a bare bones staff. But the far greater long-term danger may be the blow to government cyber defenders' morale, former officials warn. With the prospect of better pay and greater job security in the private sector, more government cyber operators are likely to decamp to industry, those former officials tell me, and the smartest cybersecurity graduates will look to industry rather than government to hone their skills. That’s especially dangerous, they say, considering the government’s struggle to recruit and retain skilled workers amid a nationwide shortage of cybersecurity talent. About 20 percent of staffers are furloughed at the De

Democrats call for investigation into Trump’s iPhone use after a report that China is listening:Analysis | The Daily 202 I The Washington Post.

washingtonpost.com By James Hohmann _________________________________________________________________________________ President Trump and Chinese President Xi Jinping visit the Great Hall of the People in Beijing last November. (Andrew Harnik/AP) With Breanne Deppisch and Joanie Greve THE BIG IDEA: If Democrats win the House in two weeks, it’s a safe bet that one of the oversight hearings they schedule for early next year would focus on President Trump’s use of unsecured cellphones. The matter would not likely be pursued with anywhere near the gusto that congressional Republicans investigated Hillary Clinton’s use of a private email server during her time as secretary of state. Leaders of the minority party have higher priorities . But Democratic lawmakers made clear Thursday morning that they will not ignore a New York Times report that Trump has refused to stop using iPhones in the White House, despite repeated warnings from U.S. intelligence offici

RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010   Commentary May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article Economic News May 13, 2010 Weekly Jobless Claims Edge Down To 444,000 First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article May 13, 2010 Malaysia's Decade High Growth Triggers Policy Tightening Malaysia's economy grew at the fastest pace in a decade in