Crude Down Record 11th Day


Oil has tumbled to its lowest price in a year as concerns mounted about rising output and slowing global demand.

US West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down 29 cents, or 0.5 percent.

Global benchmark Brent crude oil futures were up 4 cents at $65.51 per barrel.

Canada's oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to people familiar with the matter.

Oil prices were hit on Monday after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. Brent has lost 25 per cent since peaking at a four-year high in early October.

In its monthly report, Opec said world oil demand in 2019 would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than predicted last month and the fourth consecutive forecast cut.

United States bank Morgan Stanley said in a note on Wednesday that China's economic "conditions deteriorated materially" in the third quarter of 2018, while analysts at Capital Economics said China's "near-term economic outlook still remains downbeat".

US futures were on track to close lower for a record 12th straight session, with Tuesday's selloff the worst yet.

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In August, the price of Brent crude oil has exceeded $75 per barrel.

Capital Economics said it was clear that "fears over excess supply in the oil market are starting to build". A slump in USA equity markets and the dollar's climb to an 18-month high also weighed on crude, which slid into a bear market last week.

That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

Opec is meeting on December 6 and is expected to decide then whether to carry on the production cuts.

Even as the Saudis have promised to reduce output, USA production reached 11.6 million bpd in the most recent week, a new record.

Saudi Energy Minister Khalid al-Falih said on Monday that Opec agreed there was a need to cut oil supply next year by around one million barrels per day from October levels to prevent oversupply.

The U.S. has meanwhile allowed some of its allies - Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions, as long as they work to reduce their imports to zero.