The American Petroleum Institute is due to release its weekly US oil inventory report Tuesday at 4:30 p.m. EST, which is available only to subscribers.
Futures have lost 6 percent in NY this week.
In addition to Japan, India, and South Korea, the U.S. would grant the oil waiver to China as well, two people familiar with Washington-Beijing discussions said on the condition of anonymity.
While comments from Saudi Arabian Energy Minister Khalid Al-Falih pledged to play responsible role in energy market and announced possible partnership with Russian Federation easing investors worries about Saudi cutting Crude supply in retaliation to USA intervention in matters relating to death of Journalist Khashoggi, oil market saw bearish pressure post comments from Saudi Arabia's OPEC Governor who said that slower global growth could mean lower demand for crude oil and market could face oversupply in current quarter.
Investors are weighing market sentiment ahead of new USA sanctions on Iran that begin on November 4.
The company said that Syncrude operations in Canada were impacted by a power supply disruption that began in late June with recovery by the middle of September, and highlighted progress in exploration during the quarter in Guyana while it increased rights for exploration areas in Brazil. "The focus has shifted, leading to a sell-off by hedge funds, and that's causing the slide".
Eagles trade for Lions WR Golden Tate
He also leads the league in yards after catch since he was drafted in 2010 and has not missed a game since 2012. Tate is a big addition to a group of receivers that has dealt with injuries all season long.
Adenovirus: 9th Child Dead In North Jersey
The 227-bed, for-profit facility, which is closed to new patients, has a pediatric center and also cares for elderly residents. Another child is dead as a result of an ongoing outbreak at the Wanaque Center For Nursing And Rehabilitation in New Jersey.
Pakistan court overturns christian woman's death sentence in Blasphemy case
Rights groups say the blasphemy law is exploited by religious extremists as well as ordinary Pakistanis to settle personal scores. In 2011, former Punjab governor Salman Taseer, who spoke out in support of Bibi, was gunned down in broad daylight in Islamabad .
Meanwhile, West Texas Intermediate fell 0.22 per cent to Dollars 63.55 per barrel, while Brent, the worldwide benchmark, dipped 3.48 per cent to USD 72.65 a barrel. Total volume traded was 19 percent above the 100-day average. The contract is down 5.7 percent this week, a fourth consecutive week of declines. The global benchmark crude traded at $9.33 premium to WTI for the same month.
Despite the surge in output, concerns lingered as Washington is set to impose its sanctions against Iran's petroleum exports from next week. The other four that will get waivers weren't identified and Secretary of State Michael Pompeo will make an announcement on the number of waivers later on Friday.
Data from Russia's energy ministry this week said the country's oil production was at a 30-year high, producing 11.41 million barrels a day in October. Official U.S. data on inventories will be published at 1030 EDT (1430 GMT). "These are temporary waivers, not exemptions".
As sanctions take effect, buyers for Iran's crude will dry up.
Oil is also under pressure from rising output by the world's biggest producers, Russia, the United States and Saudi Arabia, which are helping to replenish global oil inventories after more than a year of stock draws.
In fact, there is talk that the USA is going to grant waivers to some buyers of Iran crude as many countries need oil to build up products ahead of winter and the United States is hard pressed to find alternative supply, as product demand was just off a record high for this time of year as total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.4% from the same period last year.