Oil prices edge up on surprise drawdown in USA crude stockpiles

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With last week's increase, USA crude stockpiles have risen for four straight weeks now.

"We are seeing a well-supplied and balanced oil market right now".

In other oil-related news, a monthly report from the Energy Information Administration on Monday projected crude output from seven major us shale plays would rise 98,000 barrels a day in November to 7.714 million barrels a day.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

Saudi Arabia has the capacity to produce 12 million bpd and is now producing 10.7 million bpd, Falih said, adding that production will rise further next month. "Saudi Arabia's threat to weaponize oil and use its leverage to bully the USA and destabilize the global economy demonstrates the Faustian bargain we have all been living with for 45 years by being dependent on oil for transportation in a global, mobile economy with little alternative fuel choices", Diamond said.

Seoul has fully complied with the U.S. sanctions in the past few months, and totally stopped its oil imports from Iran in September for the first time in six years.

Reiterating India's stand, Pradhan told reporters here on the sidelines of the 3rd India Energy Forum that the current surge in global crude oil prices was more a result of the market sentiments being hit by geo-political factors which includes Iran and said there were no issues of availability. That was down from at least 2.5 million bpd in April before U.S. President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May. "And we have seen sanctions on Iran".

"The oil that Saudi Arabia presented to the market recently was not its excessive production but was its past reserves", Zanganeh disclosed.

Khashoggi is a columnist for The Washington Post, which reported Tuesday that U.S. Secretary of State Mike Pompeo arrived in Saudi Arabia with for talks with officials over the journalist's disappearance.

Saudi Arabia has been under pressure since Khashoggi, a critic of Riyadh and a US resident, disappeared on October 2 after visiting the Saudi consulate in Istanbul.

Oil prices hit a four-year high of $ 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to U.S. sanctions.

The U.S. sanctions against Iran is the cause of turmoil in oil prices in the global market, Tasnim news agency quoted Iranian Petroleum Minister Bijan Namdar Zanganeh as saying on Tuesday.

Another drop in Iranian exports should have been bullish for crude oil, but gains may have been limited by concerns over demand.

Investors worry Saudi Arabia could use oil supply to retaliate against critics.

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