INSUBCONTINENT EXCLUSIVE:
Brent crude futures fell 64 cents on the day to $58.12 a barrel.LONDON: Oil fell on Thursday, bringing losses for the month so far to 23 per
cent, marking its largest one-month fall since the depths of the financial crisis in 2008
A seemingly relentless rise in US crude supply, together with Saudi Arabia's insistence that it will not cut output on its own to
stabilise the market, wiped out overnight gains in oil futures
Brent crude futures fell 64 cents on the day to $58.12 a barrel, off an earlier session high of $59.51, while US crude futures dropped below
$50 for the first time in over a year
The January contract was last down 40 cents at $49.89."I'm surprised and yet not surprised about the move lower this morning," PVM Oil
Associates analyst Tamas Varga said."I'm surprised because stock markets rallied yesterday, because the dollar weakened and that should
provide some sort of support for oil, but at the same time, I'm not surprised because the Saudi energy minister said yesterday they won't be
the only one to cut (output) and even Putin has said he's happy with oil prices at $60."Russian President Vladimir Putin, whose country is
the world's second biggest oil producer, said on Wednesday he was in touch with OPEC and ready to continue cooperation on supply if
needed, but he was satisfied with an oil price of $60.The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers
meet in Vienna next week to discuss a new round of supply cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more to prop
up prices.US crude inventories have hit their highest in a year after a tenth consecutive weekly increase, and are now only 80 million
barrels below March 2017's record 535 million barrels, according to the Energy Information Administration."WTI oil is now trading right
around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10
consecutive weekly increases in US oil inventories," said William O'Loughlin, Investment Analyst at Australia's Rivkin Securities."We have
seen huge increases in supply and the demand picture is in question
However, we might see some movement on global trade issues at the G20 meeting which starts on Friday," said Michael McCarthy, chief
strategist at CMC Markets and Stockbroking.Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20
nations (G20), the world's biggest economies, on November 30 and December 1, with the US-China trade war a key focus.(Except for the
headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
