Crude prices slump as global economy crashes

Crude prices slump as global economy crashes

Crude prices slump as global economy crashes

The global benchmark has lost nearly $10 a barrel since hitting a high of $86.74 on October 3.

Around 11 a.m. front-month Brent crude oil was traded at $76.51 per barrel, or about 0.5 percent lower.

U.S. President Donald Trump withdrew Washington from the Iranian global nuclear agreement in May and vowed to re-impose sanctions on Iran's financial, automotive, aviation and metal sectors.

The Industrial Average of Dow Jones fell by about 250 points, along with Caterpillar & 3M by leading index lower & stoking concerns related to declining economic growth globally.

Economy Times reported that India's crude oil imports from Iran jumped 10.19 per cent to 1.73 million tonne in September this year, government data showed.

The West Texas Intermediate (WTI) for December delivery picked up 0.26 USA dollar to settle at 67.59 dollars a barrel on the New York Mercantile Exchange.

For the past decade, enough oil has flowed from America's shale boom to allay worries that demand for the world's most important commodity would outstrip supply.

Although President Trump has already proven unpredictable and erratic, Andrea Ghiselli, a project manager with ChinaMed consultancy and researcher at the School of International Relations and Public Affairs of Fudan University in Shanghai does not think the USA will hit Chinese banks involved in the purchase of Iranian oil. The US light crude was dropped by $3.03, by 4.4% at $66.33 per barrel, after hitting the lowest $65.74 from two months. The shift by Beijing, Iran's top customer, gives the US a building block in an economic barrier around Iran as it prepares to renew sanctions on the country's energy sector in early November.

Saudi Arabia's OPEC governor said on Thursday oil markets could face oversupply.

Also lifting prices were comments by Saudi Arabia Energy Minister Khalid Al-Falih, who said there could be a need for intervention to reduce oil stockpiles after increases 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.

Despite the gain, oil is on track for the worst monthly performance since July 2016, as trade tensions stoke concerns about global energy demand.

Kardor said the Ministry of Petroleum and the National Iranian Oil Company (NIOC) are fully determined to supply Iranian oil in the Bourse based on schedule.

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