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Crude oil is doing something it hasn't done in years

Crude oil is doing something it hasn't done in years

Front-month Brent crude oil futures were at $77,18 a barrel at 0518 GMT, down 16 cents, or 0,2 percent, from their last close.

Brent has fallen by over 12 percent since the beginning of October, while WTI has lost more than 13 percent in value.

The reign as world's biggest oil producer may be short-lived: Russian Federation in September produced 11.37 million barrels a day and they may be above 11.4 million in October.

On Tuesday, Brent crude fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.89 as of 8:10pm Nigerian time.

"The trade is looking for a crude oil inventory build".

Information released Wednesday by the U.S. Energy Information Administration (EIA) said U.S. commercial crude stockpiles rose by 3.2 million barrels, compared with expectations for an increase of 4.1 million barrels.

"We double down on our Brent crude trade adding a further 137 lots at $72.80, as we hold a strong conviction towards higher prices given the asymmetric risk profile generated from Iranian sanctions in the coming months", says Bart Melek, head of commodity strategy at TD Securities.

Both the equity and crude markets are bedeviled by a slowdown in global economic growth, rising US interest rates and worries about a prolonged trade dispute between the United States and China.

Red Sox Notch Game 2 World Series Win Over Dodgers
But all of that damage was limited to one inning-the fourth, when he allowed three singles and a walk-and he regrouped quickly. Cora's other likely Game 3 option, righty Nathan Eovaldi , pitched out of the bullpen in each of the first two games.

According to API data, the six-week running tally of crude oil inventory gains equals 27 million barrels.

Brent and US futures have dropped on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular.

New data released on Wednesday from the US Energy Information Administration showed a drop in USA fuel stockpiles, as crude oil inventories rose.

As sanctions take effect, buyers for Iran's crude will dry up.

Investors will look to official government data on U.S. inventories due to be released Wednesday. "The second one is global economic growth momentum slowing down", IEA chief Fatih Birol told an energy conference in Singapore. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound.

US sanctions on Iranian crude oil exports would take effect on November 4, prompting more countries to cut imports from Iran.

On November 4, 2018, US sanctions on Iran will begin and Washington has made it clear it expects for Iranian oil customers to stop buying.

But oil supply from other countries is rising.

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