Oil sinks 7% into bear market on oversupply fears

Representatives from here major oil producers met in Abu Dhabi at the weekend

That surge in onshore output has helped overall US 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.

US President Donald Trump's insistence on lower oil prices, his Iran sanctions and a US-China trade war seem to have helped temper oil prices in recent times.

The slump in spot prices has turned the entire forward curve for crude oil upside down. Price is now moving through and beyond the 100 EMA and 55.00 looks a good long term place for a pause given the support that is there.

Demand for its crude will be about 31.5 million bpd, which is 500,000 bpd less than its forecast two months ago and 1.4 million bpd below current output, Opec said this week.

Oil prices have dropped significantly in recent weeks, with the US benchmark price dipping below $60 per barrel, according to Market Watch.

In addition to Trump's tweet, the price of oil has come under pressure because of fears that weakening economies outside of the US could diminish demand. Every dollar per barrel change in crude oil prices impacts the import bill by Rs 823 crore ($0.13 billion).

The IEA said in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels as producers heeded warnings that looming US sanctions could mean a loss of Iranian oil to the market and thus lead to higher prices.

Global benchmark Brent crude oil futures were down 9 cents at $65.38 per barrel.

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The agency said that lower prices "are clearly a benefit to consumers", especially those in developing countries who are seeing higher fuel prices due to weak national currencies.

Citing the Trump administration's decision to grant the top buyers of Iran's oil a temporary waiver from sanctions imposed on November 5, Al-Falih said the "sanctions didn't cut so much out of the market as anticipated", Radio Free Europe reported.

Crude extended an earlier decline after the release of the OPEC report, trading as low as $66.65 a barrel, the lowest since March.

Phil Flynn, senior market analyst at Price Futures Group told the news site that the spat between Trump and OPEC was causing tensions in the global market.

Opec has been making increasingly frequent public statements that it will start withholding crude in 2019 to tighten supply and prop up prices.

The IEA estimates total USA oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd.

"OPEC and Russian Federation are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on December 6", said Andersson.

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