Oil prices fall ahead of U.S

Oil prices fall ahead of U.S

USA oil prices extended gains on Wednesday after industry data showed a surprise decline in USA crude inventories.

U.S. West Texas Intermediate crude was 72.17 dollars a barrel on Wednesday while Brent crude was, 81.77 dollars a barrel.

Saudi Arabia is the India's second-biggest oil supplier behind Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran, he said.

In other oil-related news, a monthly report from the Energy Information Administration on Monday projected crude output from seven major us shale plays would rise 98,000 barrels a day in November to 7.714 million barrels a day.

Analysts attribute the change previous year to the output cuts initiated by Saudi Arabia and the increased availability of heavy grades of crude from Iraq at a higher discount, which are more suited for use in Indian refinery complexes. That was down from at least 2.5 million bpd in April before U.S. President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May.

The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies, Gazprom Neft, said on Tuesday, signalling that Moscow's supply-restraint pact with OPEC has effectively expired for now.

Some sanctions took effect from August 6, while those affecting the oil and banking sectors will start from November 4.

Crude has risen for two out of three sessions this week after Saudi Arabia hinted it may use its oil wealth as a weapon against any punitive measures tied to the disappearance of a prominent regime critic.

A claim by the United States that it aims to reduce Iran's oil exports to zero is a "political bluff", the head of the state-run National Iranian Oil Company was quoted as saying.

"The pattern of trade does look as though it's going to ebb away from a focus on China to other Asian countries, and Europe", said Caroline Bain, chief commodities economist at Capital Economics.

Yet, after Brent Crude hit $86 a barrel earlier this month, market participants shifted their focus toward the demand side of the equation as various worldwide organizations warned that global economic growth may be cooling and oil demand growth may be hit by high oil prices.

Meanwhile, the American Petroleum Institute, an industry trade group, will release its weekly estimate of USA crude inventories late Tuesday, while the EIA's more closely followed report will follow Wednesday morning.

Craig Erlam, senior market analyst at Oanda, said Trump clearly is “very reluctant to enter into a tit-for-tat with a key Middle Eastern ally.”.

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