Oil sinks 7% into bear market on oversupply fears

Saudi Arabia, Citing Iranian Sanctions Waivers, Moves To Prop Up Oil Prices

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Mr Trump's tweet followed weekend reports that Saudi Arabia was considering a production cut at the December Opec meeting, on increased alarm that supply has started to outpace consumption.

As of 20:39 GMT, the Brent blend futures based on the light North Sea crude oil depreciated by 7.43 percent to $64.91 per barrel. Price is now moving through and beyond the 100 EMA and 55.00 looks a good long term place for a pause given the support that is there.

That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

Worldwide benchmark Brent crude oil futures were down 22c at $65.25 a barrel.

Previously, the OPEC and several oil producers outside the cartel agreed to cut oil output in an effort to stabilize global oil prices in 2016. USA crude had declined for a record 12 consecutive sessions to the lowest since November 2017.

Brent is in so-called "bear market" territory alongside U.S. crude as it has fallen by more than 20% since its peak - $86 in early October. Brent crude is trading below $70 per barrel, down from a four-year high above $86 per barrel in early October.

Trump on Monday said he hoped OPEC will not cut production, making it clear he wants oil prices to fall.

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"It's like a run on the bank", said Phil Flynn, analyst at Price Futures Group in Chicago.

"Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply", the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019.

He told the Reuters news agency: "It's getting to the point where it doesn't seem to be about fundamentals anymore, but a total collapse in price".

In the report, OPEC said its oil output rose further in October by 127,000 bpd to 32.90 million bpd after the June deal.

Together with Russian Federation and other non-OPEC producers, OPEC had agreed in June to boost supply after pressure from U.S. President Donald Trump to lower prices, partially unwinding output cuts that began in January 2017.

Riyadh indicated on Monday it was on course to ignore the USA president's wishes at OPEC's next meeting due in December because it saw a need to reduce OPEC output by a collective one million barrels per day during 2019.

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