SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD APR 03
MCX SILVER MAR 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD APR 03
MCX SILVER MAR 05
MCX CRUDEOIL MAR 19
MCX NATURALGAS MAR 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

These contrarian stocks bucked the selling trend, surged upto 19%

Global shares head for worst week since 2008 financial crisis

Oil prices dive to lowest in over a year on coronavirus fears

Rupee opens 38 paise lower at 71.93 against dollar

Commodities

Oil prices fall on rising supply, global market woes

Updated : October 30, 2018 08:19 AM IST

Front-month Brent crude oil futures were at $76.78 a barrel at 0040 GMT, down 56 cents, or 0.8 percent, from their last close.

Oil has been caught up by broad financial market slumps this month, with stocks falling again on Monday after reports the US is planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.

Iran’s seaborne crude exports, by contrast, have fallen from a 2018-peak of just over 2.5 million bpd in May to around 1.5 million bpd in September and October.

Oil prices fell on Tuesday, dragged down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports.

Front-month Brent crude oil futures were at $76.78 a barrel at 0040 GMT, down 56 cents, or 0.8 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $66.78 a barrel, down 26 cents, or 0.4 percent, from their last settlement.

Oil has been caught up by broad financial market slumps this month, with stocks falling again on Monday after reports the US is planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.

Oil was also being weighed down by signs of rising supply from top producers.

“A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concerns about the November 4 implementation of US sanctions against Iran,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Russia has also indicated that it will provide enough oil to meet demand once US sanctions hit Iran from next week.

In a sign that oil supply remains ample despite the looming US sanctions against Iran’s petroleum exports, crude output from the world’s top 3 producers, Russia, the United States and Saudi Arabia, reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.

That’s an increase of 10 million bpd since the start of the decade and means that these three producers alone now meet a third of global crude demand.

Despite that, Hansen said “given the yet unknown impact on Iran’s ability to produce and export (amid sanctions) ... we could see some speculative buying emerge ahead of November 4.”

Iran’s seaborne crude exports, by contrast, have fallen from a 2018-peak of just over 2.5 million bpd in May to around 1.5 million bpd in September and October, Eikon data showed.

You May Also Like

Bad news for Indians. From April 1, you have to pay $50,000 more for US investor visa

Bad news for Indians. From April 1, you have to pay $50,000 more for US investor visa

SSC to fill 1.4 lakh vacancies in Group B and C by March 2021

SSC to fill 1.4 lakh vacancies in Group B and C by March 2021

Dow Jones plunges 1,000 points as pandemic fears heighten

Dow Jones plunges 1,000 points as pandemic fears heighten

Trending on CNBC-TV18

Live TV

recommended for you