Oil falls on rising output from OPEC and United States


Oil prices fell on Monday amid rising supply from OPEC and the United States, outweighing concerns that falling Iranian output will tighten markets once USA sanctions bite from November.

International Brent crude futures LCOc1 , by contrast, lost ground, trading at $78.10 per barrel, down 5 cents from their last close. Money managers are bullish on West Texas Intermediate crude futures, but not as much as on Brent.

After the correction, crude oil prices once again started moving up in the last two weeks following the latest EIA report on a surprisingly strong decline in crude oil inventories.

In August, Iran's oil minister said that French oil-and-natural-gas company Total had "officially left" Iran in the face of the USA threats.

"The contracts are in a strong uptrend, but one that looks at the moment to be a bit exhausted", said Robin Bieber, technical chart analyst at London brokerage PVM Oil Associates, Reuters reported.

After announcing the flotation of Saudi Aramco in 2016, the kingdom began pushing for higher crude prices partly to help maximize the valuation of the state oil company ahead of an initial public offering (IPO), originally scheduled for 2018.

Innes and Brennock are not the only ones to feel this way. He also stated that the Iranian production is already giving indications of declining.

Britain's Barclays bank said on Tuesday that oil markets had changed since 2017 when worries about rising supply were more evident.

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"We can raise production as high as 11 (mln bpd) or even 12 but then where will it go?"

The second-largest increase came from Iraq, where southern exports reached a record high.

US drillers added oil rigs for the first time in three weeks, increasing the rig count by 2 to 862.

Under a CIF arrangement, Iran would provide shipping and insurance, enabling Indian refiners to continue purchases of the country's oil despite the non-availability of cover from Western insurers due to the restrictions imposed by Washington.

The overall volume of the crude oil and condensate that is an ultra-light produced from the field of natural gas is estimated for 64M barrels (2.06M barrels/day), in against to the peak of 92.8M barrels (3.09Mbarrels/day).

But in the end, China could pull the rug out from under the feet of the market tightening camp: the oil ministers for Bahrain and Oman told CNBC on Monday that the nation's demand for oil could decline on the back of its trade dispute with the U.S.

Thanks to this ever escalating trade war, China's manufacturing growth was at its slowest in more than one year this August.