Crude Oil Futures Tumble, End At 1-month Low

While Saudi Arabia is maintaining exports by using crude from inventories and spare production capacity, how much of it is actually restored could only be determined in the next few weeks.

West Texas Intermediate Crude oil futures for November ended down $1.84, or about 3.3%, at $54.07 a barrel.

"The oil market is facing challenging times".

Saudi Arabia's Ambassador to India Dr Saud bin Mohammed Al Sati last week said that India was an attractive investment destination for the kingdom and it is eyeing long-term partnerships with New Delhi.

Oil prices edged up on Monday after China's factories unexpectedly ramped up production in September, easing concerns about demand at the world's largest crude importer amid an ongoing trade war with the United States, Trend with reference to Reuters reports.

"Ultimately, the impact of the drone strikes on oil prices will depend on two main factors: how long it takes for Saudi to bring these facilities back on stream, and whether or not further direct strikes are carried out", said Cailin Birch, an analyst at the Economist Intelligence Unit.

McConnell: 'No choice' to take up impeachment after House
If the House approves articles of impeachment - not introduced at this point - they would be sent to the Senate for trial. If the president is impeached, the next step is a trial in the McConnell-controlled Senate.

OPEC's oil production has fallen to a near decade low for September, according to the latest Reuters survey, falling below 29 million barrels per day, with Saudi Arabia accounting for most of the output drop.

"If Trump remains the frontrunner, expectations for USA production to rise to fresh record highs will continue with 2020 possibly topping 13.5 million bpd", said Edward Moya, a senior market analyst at OANDA.

Sources in the survey put Saudi production at between 8.5 million bpd and 8.6 million bpd.

Still, geopolitical tensions in the Middle East simmered after Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

Saudi Arabia, the world's biggest oil exporter, is planning to invest $100 billion in India in key sectors such as petrochemicals, infrastructure and mining among others, considering the country's growth potential, as per media report.

The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast for an eighth straight month in September to 0.89 million barrels per day.

Related News:



Most liked

Montana governor declares emergency amid ‘hazardous’ snowstorm
The storm has resulted in "heavy, wet snow with accumulation amounts up to three feet in some locations", according to Bullock. Steve Bullock to quickly declare a "winter storm emergency" Sunday night across the state.

Stranger Things season 4 announced "We're Not In Hawkins Anymore"
This could be the last hurrah for Stranger Things in it's current incarnation. Netflix has yet to announce a release date. Things are about to get stranger. .

UK's Prince Harry makes conservation appeal, observes anti-poaching drill in Malawi
She was also given a special gift for baby Archie from denim label Tshepo - a pair of dungarees. The Duchess is now staying in South Africa with the couple's almost 5-month-old son, Archie .

Liverpool Threatened With Expulsion From The Carabao Cup After MK Dons Win
Even if the Anfield outfit are found guilty of the offence, precedent suggests they are likely to be handed a fine. Liverpool manager Jurgen Klopp fielded four teenagers in the starting line-up for the third round clash.

Justin Bieber shares first photo with wife Hailey Baldwin post grand wedding
In pictures obtained by the Daily Mail , Hailey sported a custom made dress from Vivienne Westwood's couture collection. Justin , 23, was working on his depression and anxiety but was "still not in a great place" at the time.

Deontay Wilder and Luis Ortiz set date for rematch
Some boxing pundits are questioning why Wilder would take on such a unsafe foe knowing how badly hurt he was in their first bout. Deontay Wilder has warned Luis Ortiz that he will be "at his best" when the pair rematch later in the year.

Fuel prices for October 2019 released!
The government tried to justify the decision of not passing price relief on to consumers in a press statement. Earlier, on Aug 31, the federal government had reduced the price of petrol by Rs4.59 per litre.

Trump Pushed Australian Prime Minister to Help Discredit Mueller Investigation
However, it appears Australia is a ready and willing partner in the US Justice Department's investigation. Mr Mueller, the special counsel, has also said that his report did not exonerate the president.

Donald Trump Demands Meeting with 'Whistleblower'
Mark Zaid, an attorney representing the government whistleblower, called out CBS' false reporting on Twitter. The president's assistant said Ukraine sees in the United States "a friend and a strategic partner".

‘Clueless’ actress, conservative commentator arrested
On Sunday, around 7:45 p.m., Dash and her husband, Jeffrey Marty , started arguing, according to TMZ . She has two children - a 16-year-old daughter and 27-year-old son - from previous relationships.

3 of 4 escapees from Ohio jail arrested in North Carolina
Gallia County Sheriff Matt Champlin announced Monday afternoon that the fourth was taken into custody in Durham, North Carolina. They're telling shoppers and residents to lock their doors and make sure they don't leave auto keys in their cars.

New York Congressman Chris Collins resigns amid insider trade probe
Cameron Collins is accused of passing along the information to his fiancée's father, so he could also dump his stock. According to U.S. media, Mr Collins will change his plea to guilty during a hearing in a Manhattan court on Tuesday.

India floods: Death toll in Uttar Pradesh, Bihar passes 100
The government has deployed several teams of National Disaster Response Force for rescue operations. The Met officials also said that SW monsoon had last got active in the state 118 years ago.

Yemen: Houthi Rebels Claim Capture of 'Thousands' of Saudi Troops
It's a move which could revive efforts to end a war that has sparked the world's worst humanitarian crisis . He added that "cease-fire and dialogue" was the only face-saving solution for Saudi Arabia.

Samsung Galaxy A70s with 64MP camera Started in India: Price, specifications
The phone comes with 8GB RAM and two storage variants - 128GB and 256GB - priced at Rs 37,999 and Rs 39,999, respectively. While we know the specifications, Samsung has not hinted the price and availability details of the Galaxy Fold in India .