Economy

Oil down 3 percent as Saudi Arabia eases concerns, Wall St drops

Oil down 3 percent as Saudi Arabia eases concerns, Wall St drops

LONDON-Oil prices continued to decline on Wednesday morning, with Brent crude trading at its lowest level in roughly two months amid signs of rising USA inventories and investors cashing in on long positions.

"We will decide if there are any disruptions from supply, especially with the Iran sanctions looming. And that happened", he told Bloomberg in an interview.

"Iran might be pushing the idea of Russian Federation selling their oil on the world market to evade sanctions", a senior administration official told The Financial Times.

Top US politicians turned their anger on Saudi Crown Prince Mohammed bin Salman on Sunday and said they believed he ordered the killing of Khashoggi, although the Trump administration has maintained a more cautious stance. Saudi Arabia is boosting deliveries of Arab Extra Light to some refiners in north Asia, Reuters' sources say.

Morgan Stanley said "recent trends in refining margins, time spreads and inventories suggest a spell of weakness in oil markets".

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Meanwhile, Iran's oil minister Bijan Zanganeh has said that Saudi Arabia and Russian Federation can not replace Iran' oil as the production capacity of the two countries has reached its peak.

Falih said he would not rule out the possibility that Saudi Arabia would produce between 1 and 2 million barrels per day (bpd) more than current levels in future.

"Equities are weighing on oil prices", said UBS Group AG analyst Giovanni Staunovo.

Other non-OPEC producers have also produced only 66,000 barrels per day of additional oil between May and September, the Iranian minister said, citing OPEC's estimates.

Reflecting a cautious outlook, traders have been curbing their exposure to oil markets by shutting long positions in crude futures, with fund managers cutting their combined positions by 187 million barrels in the last three weeks, according to exchange and regulatory data.

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Since that agreement, oil prices have more than doubled and were now hovering at just under $80 a barrel.

Oil followed Wall Street's early sell-off, founded on worries over profit growth and concern about Italy's budget that have sent investors scrambling out of stocks of late.

USA sanctions on Iran's oil sector start on November 4 and analysts believe up to 1.5 million bpd in supply could be at risk.

Saudi Arabia said Monday it had no plans to repeat its harsh 1973 oil embargo, even as relations with the West sour following the killing of Saudi critic Jamal Khashoggi.

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