Oil falls after Trump urges OPEC not to cut supply

Oil falls after Trump urges OPEC not to cut supply

The US dollar hovered near 16-month highs, making oil more expensive for importers using other currencies. The same is also the impact when currency exchange rate fluctuates by Re 1 per USA dollar. United States light crude was US$1.00 lower at US$58.93.

Trump in recent weeks demanded the oil cartel increase production to drive down USA gasoline prices. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts.

Brent Crude has now fallen over 25% since hitting a four-year high in early October, while USA oil has lost 28% since its October peak.

Oil prices have fallen sharply to levels not seen for nearly a year as traders see a return of a glut in supplies at a time of falling demand.

Trump appeared to criticize the announcement in a Monday tweet: "Hopefully, Saudi Arabia and OPEC [Organization of the Petroleum Exporting Countries] will not be cutting oil production".

"This tweet certainly did not help prices", ING commodities strategist Warren Patterson said.

Opec now expects world demand to grow 1.29m barrels a day next year, about 70,000 barrels a day lower than last month's forecast. Oil prices have now fallen for 12 consecutive trading sessions. If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

Top crude exporter Saudi Arabia has watched with alarm how supply has started to outpace consumption, fearing a repeat of a glut that brought a price crash in 2014.

Saudi Energy Minister Khalid al-Falih had already said on Monday that Opec had agreed there was a need to cut oil production next year to prevent oversupply.

"It is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019", ING said.

Related News:

Most liked

Despite pathetic feedback, ‘Thugs of Hindostan enters the 100 crore club
Well, disappointed with the storyline, Adarsh said that no one can misjudge or underestimate the audience. Meanwhile, Badhai Ho which released a few weeks ago is still doing well at the box office.

Raiders lose fifth consecutive game to the Chargers
The Air Quality Index was at 159 at kickoff, which is in the unhealthy zone, and smoke could be smelled throughout the stadium. I've been a part of it before and we've got some great people to build around and we've got some resources to keep building.

NFL Relocates Chiefs vs Rams From Mexico City To L.A.
Not many people are going to bat an eye if a game between, say, the Oakland Raiders and Buffalo Bills is played in Mexico City. Estadio Azteca in Mexico City has hosted soccer matches, concerts and three regular season National Football League games.

Warriors to offer $100 tickets without view of the court
They'll now offer a monthly "In The Building Pass" for admission to Oracle Arena for every home game at just $100 a month. Rovell claimed that the pass didn't include a seat, nor access to the seating bowl or even a view of the court itself.

Arsenal give positive update on Welbeck injury status
The 27-year-old was injured during Thursday's Europa League draw with Sporting Lisbon, and had to be carried off on a stretcher. Welbeck posted an image of himself giving a thumbs up on Instagram on Tuesday afternoon.

Wayne Rooney says he will finish playing career in USA
Rooney , who says the final decision on him playing against U.S. was made after his D.C. He added: "It is something I am looking forward to".

Indian court to review women entering flashpoint temple
As per the rules, the bench that delivers the original verdict considers the review petition. On January 22, the court will decide on whether to admit the 49 review petitions or not.

Toy Story 4 teaser trailer is Key and Peele's jam
The toys are happily living with Bonnie after Andy passed them onto her at the end of Toy Story 3 . Of course, they are effortlessly amusing , which would be enough.

Fallout 76 release date countdown: Launch times, review scores, cheapest prices, more
With a final install size of 51 gigabytes, only 0.0048% of the game is actually on the disc you buy. The Xbox One and PS4 versions will still be available through their respective stores.

Intel unveils XMM 8160 5G modem for a 2H 2019 arrival
It will come with EN-DC too, which will allow this modem to support 4G and 5G networks simultaneously. Some earlier reports suggested that MediaTek is working on 5G modem for lower priced devices.

Pogba, Mendy, Lacazette withdraw from injury-hit France squad
France face Netherlands in the Nations League on Friday before a friendly match with Uruguay four days later. Martial played 90 minutes and scored United's goal against City from the penalty spot in the second half.

Rohit Sharma as destructive as Sir Viv and Sehwag: Sunil Gavaskar
He was the second-highest scorer in the series, with 121 runs in three innings, including a record fourth T20I hundred. He was then initially slated to play in the first four-dayer against New Zealand A at Bay Oval from November 16 to 19.

Serena Williams named GQ Woman of the Year - but cover sparks controversy
It has been said I don't belong in Women's sports - that I belong in Men's - because I look stronger than many other women do. Serena's cover has "man of the year" written on it, with the word man crossed out and replaced with the word woman.

Jamal Khashoggi: 'Appalling' recordings shocked intelligence officer, Erdogan says
But Saudi officials characterise the killing as a rogue operation carried out by Saudi agents who exceeded their authority. Mr Trudeau said he had not personally listened to the tapes, but said he had been speaking with the Turkish President.

The new ‘Game of Thrones’ season will premiere in April 2019
Game of Thrones fans have been waiting to find out when the final season of their favorite fantasy series will finally arrive. On Twitter , HBO released a teaser for the final season with the text "Every battle".