Oil prices fall amid supplied market, Iran sanction exemptions

Forty years of American hostility’ Iran releases video responding to new US sanctions

Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017.

Benchmark U.S. crude oil fell 1.6 percent to $60.67 a barrel in NY.

Oil prices slipped on Wednesday, continuing a recent slide after surging USA crude output hit another record and domestic inventories rose more than expected.

Oil prices fell on Wednesday, extending losses from the previous session, with markets well supplied amid rising production and USA sanction waivers that allow Iran's biggest customers to continue buying its crude. He said an expected increase in oil supply in 2019 will help the United States to ask countries to further reduce their imports of Iranian oil.

"A slowdown in the global economy remains the key downside risk to oil", Bernstein added. But, fearing a price spike, it granted Iran's biggest buyers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - sanctions waivers.

To a question on the reduction of oil imports from Iran, Mr Kumar said: "India is a major importer of crude oil from Iran".

Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile.

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Washington re-imposed sanctions against Iran's oil exports on Monday but granted waivers to its biggest customers, allowing limited imports for the next 180 days.

In the week ending November, the US crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday.

More U.S. oil will likely come.

The increasingly well supplied market has turned sentiment, which until early October was largely bullish, pushing Brent to four-year highs of more than $86 per barrel ahead of the Iran sanctions.

The Iranian crude export that is tracked and reported has come off since the USA announced the re-imposition of sanctions earlier in May, according to the Bank.

For the first time, just three producers - the US, Russia and Saudi Arabia - now account for a third of global oil production and both the latter two have, like the US, been increasing production. Pressure from the U.S.to lower prices probably will decrease now that the nation's midterm elections are over, Saxo Bank's Hansen said.

"This means that the price is today a greater solver to the crude oil balance than in the past, when there was no solver apart from the supply policy of Saudi Arabia".

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