US, Brent crudes fall, as concern deepens over global economy

Oil prices down more than one percent on rising supply trade war

Oil prices fell more than 1 percent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S.

Brent for December settlement, which expires Wednesday, traded at $77.15 a barrel on the London-based ICE Futures Europe exchange, down 19 cents.

US West Texas Intermediate (WTI) crude futures CLc1 were at $67.19 a barrel, down 40 cents, or 0.6%. Brent front-month futures early on the same day traded at just above $80 per barrel. WTI slumped to $65.33 a barrel, the weakest since August 17.

USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.

The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

US President Donald Trump pulled out of the Iran nuclear deal formally known as Joint Comprehensive Plan of Action in May this year. He did not elaborate.

SEC dominates first College Football Playoff rankings
Scooby Axson picks Purdue: Riding off the momentum of a big upset over No. 2 Ohio State, Purdue laid an egg at Michigan State . In explaining Central Florida's ranking, Mullens said it is the only team in the top 25 without a win against a team over.500.

Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings, and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.

The speculator group cut its combined futures and options position in NY and London by 42,644 contracts to 216,733 in the week to October 23, the lowest level since September 2017.

"Saudi Arabia's production has reached 10.7 million barrels per day this month and we could increase production to 12 million barrels per day".

That's an increase of 10 million bpd since the start of the decade and means that these three producers alone now meet a third of global crude demand.

In America, crude inventories are forecast to have risen by 3.11 million barrels last week, according to a Bloomberg survey before Energy Information Administration releases data Wednesday. Stockpiles were expected to have risen about 3.7 million barrels in the week ended October 26, a preliminary Reuters poll showed on Monday.

In what must seem like a nightmare scenario for Iran, not only is another USA president leveling sanctions against its economy, and particularly that economy's lifeblood, its oil sector, but the current US president has admittedly made it his mission to drive Tehran to its knees over what he sees as non-compliance over the 2015 nuclear accord between western powers and Tehran.

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