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MTECHTIPS:-Oil prices sink to 3-month lows amid glut concerns

Tuesday, November 15, 2016 1:18
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MTECHTIPS:-Oil prices sink to 3-month lows amid glut concerns

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MTECHTIPS-Oil prices sank to a three-month low on Monday, extending two straight sessions of losses amid growing concerns over a global supply glut. Crude oil for December delivery on the New York Mercantile Exchange dropped 61 cents, or 1.41%, to $42.80 a barrel by 7:10 AM ET (12:10 GMT), after falling to a session low of $42.68 earlier, a level not seen since August 11. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London shed 45 cents, or 1.01%, to $44.30 a barrel after falling as low as $44.14 earlier, the weakest since August 11. Concerns over a global supply glut intensified after OPEC said that its oil production rose by 240,000 barrels per day (bpd) to an all-time high of 33.64 million in October, with Nigeria, Libya and Iraq blamed for the increase. The figures added to skepticism over the implementation of a planned deal by OPEC to limit production. The oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.

 

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