Oil drops below $50 for first time in a year


WTI came under aggressive selling pressure and hit the lowest levels since October 2017 at 49.46 on a break of the key psychological support at 50, as stop triggered below the last and paved the way for further declines. America and OPEC did boost their output to rein in the global oil prices and then the subsequent relaxation of sanctions for countries, especially like India to import oil from Iran resulted in a market surplus leading to the reduction in crude price.

NY oil sank to under $50 on Thursday owing to doubts over an Organisation of Petroleum Exporting Countries (OPEC) output cut, while most stocks rose as the Federal Reserve hinted at a softer pace of interest rate hikes. It resumed pumping crude for export by pipeline from northern fields this month and is expanding capacity to produce at its main deposits in the south.

OPEC and ten non-OPEC allies will hold a meeting on December 6 and 7 to discuss output policy for 2019.

The two global oil benchmarks, North Sea Brent and USA crude, still have had their weakest month in more than 10 years in November, losing more than 20 per cent as global supply has outstripped demand. Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher shortly before the regular session opening, reversing earlier weakness. The WTI's 14-day Relative Strength Index is still in oversold territory. According to the EIA, U.S. commercial crude oil inventories rose by 3.6 million barrels last week compared to the previous week.

Speaking in Moscow, Putin said Russian Federation was in touch with OPEC but Moscow would be satisfied with oil at $60 a barrel.

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USA crude futures had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 0737 GMT.

When the Saudi crown prince - as is expected - asks Putin to cut down output in a bid to drive up oil prices, some speculate Russian Federation could have the upper hand in the negotiations.

Oil prices bounced on Thursday, as Russia President Vladimir Putin said that his country was in contact with OPEC and willing to continue cooperation with the Saudi-led oil cartel.

USA gasoline futures fell 2.1 percent to $1.4241 a gallon.

In the U.S., nationwide crude stockpiles rose by 3.58 million barrels last week in their longest such weekly streak since November 2015, according to the Energy information Administration. Iraqi output could reach 6 million barrels a day by 2025, according to consultant Wood Mackenzie.

A director with Tortoise, Nick Holmes, who manages a portfolio in energy that is over $16 billion, this report shows an increased build in relation to the market consensus on crude stockpiles in the US.