Economy

Iran's heavy crude oil price exceed $60

Iran's heavy crude oil price exceed $60

The arrest orders were made by a panel Saudi King Salman bin Abdulaziz Al Saud formed on Saturday, headed by Crown Prince Mohammed bin Salman.

Oil prices surged to their highest level on Monday since the summer of 2015, as analysts said the geopolitical risk in the Middle East helped underpin the market.

Brent futures fell 41 cents, or 0.6 percent, to $63.52 a barrel, while U.S. West Texas Intermediate crude settled down 43 cents at $56.74 per barrel.

Citigroup warns the meeting upcoming OPEC meeting will disappoint traders looking for a significant extension for the supply quota plan with Russian Federation.

Saudi Arabia plans to cut crude exports by 120,000 barrels per day in December from November, slashing allocations to all regions, a spokesman for the energy ministry told Reuters.

Despite this, many analysts say the strong price rally of the past months has likely run its course, at least for now.

"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves".

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Prices have been supported by moves led by the Organization of the Petroleum Exporting Countries and Russian Federation to limit supplies in order to tighten the market.

OPEC will discuss output policy during a meeting on November 30, and it is expected the group will extend the cuts beyond the current expiry date in March 2018.

EIA forecast a steady drift lower for crude oil prices for the rest of the year, with Brent shedding as much as $7 per barrel for the 2018 average.

"With the OPEC/non-OPEC deal extension beyond March 2018 a certainty, prices may become stronger and temporarily reach the $65-$70 per barrel range in 2018", said energy consultancy FGE.

The U.S. Energy Information Administration (EIA) said in a report that U.S. crude production rose to 9.620 million barrels per day during the week of November 3, the highest weekly output on record according to federal energy data going back to 1983.

Brent futures have gained around 14 percent in the last month alone, propelled largely by evidence that output cuts by OPEC and its partners are reducing the global oil glut.

Global oil inventories accelerated draws in October on OPEC-led output cut efforts, and total crude inventories dropped around 93 million barrels between July and November, according to analysis firm Kayrros.


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