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Kuwait’s Oil Minister: Global Oil Markets Stable

09 November 2018

Crude futures pulled back midweek as another hefty build in U.S. inventories helped to ease worries about future supply shortages arising from renewed sanctions against Iran.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $61.84, down 37 cents, or 0.6 percent.

The market focused on record USA crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019.

At the session low, WTI touched $61.30/Bbl, falling 20.4% from last month's almost four-year high level of $76.90/Bbl. In addition, having initially talked of choking off Iranian shipments to zero, the United States waiver decision is expected to limit the fall in Iran's exports.

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Benchmark Brent crude oil fell to its lowest since early April, down more than 18 per cent since reaching four-year highs at the beginning of October. The build was the fifth in as many weeks as reported by the API. It granted temporary exemptions to eight countries allowing them to continue importing Iranian oil, although it said the ultimate goal is to completely halt exports from Iran.

Brent crude, the global benchmark, settled down 6 cents to $72.07 a barrel, bouncing off its post-EIA session low on support from earlier reports that Russian Federation and Saudi Arabia are discussing whether to cut crude output next year.

Iran will not export as much crude as it has been.

US bank J.P. Morgan said "part of the recent sell-off in oil was due to excessive crude in the physical markets.from elevated production from OPEC whilst Iranian supply was still in the market despite reduction in reported exports". The U.S. Energy Information Administration that said Wednesday oil inventories rose to 432 million barrels - the seventh week of increases.

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Oil rose as Opec and its allies were said to plan discussions about fresh production cuts next year, responding to recent increases in oil inventories amid surging USA supply. Gold edged higher, but oil dipped as fears continue to grow that too much oil is emerging as Russian Federation, the Saudis and the USA boost production.

US crude stocks climbed by 7.8 million barrels in the week ending November 2 to 432 million, data from the American Petroleum Institute showed on Tuesday. Russian Federation and the Saudis have pledged to increase production to more than make up for any lost Iranian supplies.

Meanwhile, with energy prices slumping, Opec and its allies will discuss scenarios including the possibility of cutting production again next year during a meeting in Abu Dhabi on Sunday, according to delegates.

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Kuwait’s Oil Minister: Global Oil Markets Stable