Oil rebounds towards $81 but weaker demand view weighs

Oil rebounds towards $81 but weaker demand view weighs

Oil rebounds towards $81 but weaker demand view weighs

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by an industry report showing USA crude inventories rising more than expected.

Brent crude fell $1.55, or 1.9%, to $81.54 US a barrel late Thursday morning, off the session low of $81.14, its weakest since September 26.

Brent prices were up almost $1, trading at $84 per barrel, while WTI gained 61 cents to trade at almost $75 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) made a similar move on Thursday.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of United States dollars, Iran's trade in gold and other precious metals, and its automotive sector.

The West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

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The spread between WTI and WCS is further compounded by a global oil price rally, with Canadian producers being left behind due to the constraints, said Tran.

Crude futures steadied late in the session on Friday, following the stock market slightly higher after earlier swinging lower on a weakening oil demand outlook.

Goldman Sachs reckons USA shale oil production can continue to increase by 1 million bpd every year until 2021 at the earliest, according to a new report by the investment bank.

Should OPEC keep pumping at September's rate, the report points to an excess supply of nearly 1 million bpd in 2019 - although this is before any sizeable reduction takes place in Iranian output.

US light crude was up 40 cents at $74.69.

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Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said.

The South Asian nation was hoping to lift significantly higher volumes in the current fiscal year, after Tehran offered a discount on shipping and an extended credit period, before the USA decision on sanctions changed its plans.

The oil price rose in the past months due to the U.S. sanctions on Iran.

"Oil prices have stabilized for the moment - between a real and a metaphorical storm", said Fiona Cincotta, senior market analyst at City Index.

India imported 528,000 bpd of Iranian oil in September, up by 1 percent from August, due to delays of some August cargoes until Indian refiners received the government nod to import Iran's oil on Iranian tankers with Iranian insurance, Reuters reported on Thursday, citing tanker data by shipping and industry sources.

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Worries about crude supply from the Middle East have given prices some support.

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