Markets

The price of oil has updated the annual minimum

The price of oil has updated the annual minimum

Oil crashed below $50 a barrel for the first time in more than a year as Russian Federation signaled little urgency to commit to supply cuts, while USA crude stockpiles continue to grow.

WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut - despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit.

The West Texas Intermediate futures dropped by 2.5% in trading in NY after the report by the US Energy Information Administration that revealed that American oil supplies had gone up for the 10th week in a row.

Saudi Crown Prince Mohammed bin Salman, a key Trump administration ally, wants prices at $80 or more for his economic reforms.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on December 6 in Vienna to discuss output policy with some non-OPEC producers, including Russian Federation.

After reaching a four-year high in early October, crude has collapsed more than 30 percent, marking the worst crash since 2015.

"Putin's comments raised speculation that Russian Federation may not join its fellow producers in curbing production", Sungchil Will Yun, Seoul-based commodity analyst at HI Investment & Futures, said by phone.

Oil retreated from session highs after the U.S. Federal Reserve released minutes of the latest policy meeting showing interest rate hikes are expected soon. Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.




West Texas Intermediate crude for January delivery CLF9, -0.27% on the New York Mercantile Exchange rose $1.16, or 2.3%, to settle at $51.45 a barrel after trading as low as $49.41 early Thursday.

Brent for January settlement, which expires Friday, advanced 48 cents to $59.24/bbl on London's ICE Futures Europe exchange.

Saudi Arabian Energy Minister Khalid al-Falih on Wednesday said that the recent slump in oil prices has shown that the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies must take a collective decision to balance the global oil markets.

The price of a barrel of WTI crude oil fell below $ 50, falling to the lowest level since September 2017.

Iraq is still struggling to overcome the legacy of warfare and sanctions, 15 years after a US-led coalition overthrew dictator Saddam Hussein.

The earlier Thursday price dip had built on a Wednesday slide that followed data showing us crude inventories rose for a 10th straight week and remarks by Putin, who said oil at $60 a barrel was “absolutely fine” but also that he was willing to work with Saudi Crown Prince Mohammed bin Salman toward stabilizing the market.

Asked on Wednesday whether cuts could be deeper than 1.4 million bpd, Falih declined to answer.


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