Crude oil futures decline on overseas leads

Oil price falls to $75 from high of $86

The December WTI contract declined by 86 cents, or 1.3 percent, to settle at $66.18 a barrel after trading within a range from $65.33 to $67.26. That's also the worst drop since July 2016. In a post on Twitter on Thursday, Trump had said he had a "long and very good conversation" with Jinping and that the trade discussions were "moving along nicely".

Oil prices reversed earlier losses on Friday as hopes rose that the USA and China may resolve their trade disputes soon, easing concerns that an economic slowdown may weigh on fuel demand.

Oil prices rallied in September as traders braced for the return of US sanctions on Iran, OPEC's third biggest oil producer.

"The $100 per barrel crude oil forecast was always rather unlikely".

A list of all countries getting USA waivers allowing them to import Iranian oil is expected to be released officially on Monday, industry sources say.

To the extent that interest rate changes would be inappropriate if not for the inflation generated by rising oil prices, then the adverse economic impact coming from the oil market could be twofold in some countries.

The United States is set to impose new sanctions on Iranian crude from next week and exports from the Islamic Republic have already begun to fall.

Four major Asian buyers of Iranian crude imported a total of 1.13 million barrels per day (bpd) from Iran in September, the data released by Reuters showed. An increase in USA crude stockpiles and a jump in American drilling is providing additional incentive for traders to sell oil after "hefty" gains this year, she added.

The supply surge is increasingly finding a home overseas, as USA refiners reach the maximum they can handle of the light, low-sulfur oil coming from shale plays. Brent was up 29 percent over the same period.

"The strong built in oil inventories is likely to keep downward pressure on oil prices", ANZ Research analysts said in a note. They fell 1.8 percent on Tuesday, at one point touching their lowest since August 24 at$75.09 a barrel. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel. Saudi Arabian government responded with an indirect threat to US Government stating that any interference from President Trump or US Government in regards to death of the journalist will result in Saudi Arabia retaliating by driving oil price higher. I think the next couple of days will be crucial as to the future direction. His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report". "It's not all downhill from here", she said.

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