Oil Set for Worst 2-Day Drop Since July

Oil price extend losses as other markets fall, stockpiles climb

India imported 528,000 bpd of Iranian oil in September, up by 1 percent from August, due to delays of some August cargoes until Indian refiners received the government nod to import Iran's oil on Iranian tankers with Iranian insurance, Reuters reported on Thursday, citing tanker data by shipping and industry sources.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down by 91 cents, or 1.2 per cent, at $72.26, having also fallen to their lowest since September 27.

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday. They dropped 2.4 percent in the previous session.

India, the world's third biggest oil importer, is grappling with a combination of rising oil prices and falling local currency, which makes imports of dollar-denominated oil more expensive.

Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing US crude inventories rose more than expected. -China tensions. Japan's Nikkei 225 was down more than 4 percent on Thursday.

Speaking to Bloomberg on the sidelines of the London conference, Vitol's Taylor said that "Physically, we don't have a supply squeeze".

"We have to continue to assess to see how and when we will achieve the 100% conformity and how the market would respond, hoping that some of these non-fundamental factors will evaporate by then", he said. For 2019, non-OPEC supply is expected to rise by 2.12 million barrels a day to an average of 61.89 million barrels a day, an increase of 14,000 barrels a day compared with last month's estimate.




The API data, which were released a day late due to Monday's Columbus Day holiday, also showed supplies of gasoline climbed by 3.4 million barrels, while distillates fell 3.5 million barrels, sources said.

Vitol has just reduced its oil demand growth forecast for this year from about 1.6 million bpd to about 1.35 million bpd, he said.

A drop in USA oil production this week supported prices.

In the U.S. Gulf of Mexico, producers were checking production platforms and beginning to return crews to more than 90 offshore facilities evacuated this week as Hurricane Michael moved through the Gulf.

Michael crashed ashore at Florida on Wednesday as the third most powerful hurricane to strike the USA mainland.

Oil stocks took a beating Thursday after OPEC said its production rose in September, easing concerns about a drop-off in Iranian barrels as United States sanctions loom.

Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by US government data that showed domestic crude inventories rose more than expected last week.

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