Oil prices tumble as U.S. crude inventories surge

Crude oil is dispensed into a bottle in this illustration

Crude oil is dispensed into a bottle in this illustration

Analysts added Saudi Arabia to the list of geopolitical concerns now impacting oil prices: "In a note Monday morning, Goldman Sachs, referenced "...increased geopolitical risks, driven by elevated U.S.

The secretary general of the Organization of the Petroleum Exporting Countries last week said that the group saw the oil market as well supplied and that it was wary of creating a glut next year.

US crude inventories rose 6.49 million barrels last week, the Energy Information Administration reported, more than twice the rate forecast in a Bloomberg survey before the data was released.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

"The government has no business to interfere in pricing mechanism of petroleum products which has been left to the oil companies to decide on a daily basis", Mr Pradhan said.

In relevant remarks last week, Zanganeh dismissed Saudi officials' claims that the country could compensate for a loss of Tehran's supplies in the global market after the imposition of the U.S. sanctions.

India is the world's third biggest oil consumer and importer.

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"Today's price decline to below our expected support at the $70 level would appear to set the trade up for a weaker pricing environment than we had anticipated", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. US President Donald Trump had in May withdrawn from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the nation.

"I mean, it has the potential to really blow up and to send prices to numbers that I didn't think we'd see again in our lifetime. Firm volumes are the ones that oil companies commit to necessarily take and there is an optional volume on top of it which they can dip into if the need arises", a top official at a state-run refiner said.

According to the EIA, US oil stocks rose by 6.5 million barrels, while oil exports fell to 1.8 million barrels per day.

Inventories rose sharply even as US crude production slipped 300,000 bpd to 10.9 million bpd last week, which analysts attributed to the effects of offshore facilities closing temporarily for Hurricane Michael.

Tension over the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain.

India had contracted to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18. -China trade dispute on the global economy.

Crude bumped higher this year as uncertainties persisted over whether the Organization of Petroleum Exporting Countries and its partners can offset potential supply losses from US sanctions on Iran that kick in early next month.

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