Over Supplied Oil Market Causes Prices To Dip – 6 November, 2018

Oil prices dropped on U.S. sanctions in Iraq and rising output. Brent crude futures dipped 9 cents and 0.1 percent to $72.04 per barrel, and West Texas Intermediate crude dropped 29 cents and 0.5 percent to $61.92 per barrel. The U.S. allowed Iran’s biggest customers imports over the next 180 days while simultaneously re-imposing sanctions on Iran’s exports. Iran tried to get as much oil as possible into markets over the next 30 days, with waivers regulating prices between to $70-$80 per barrel range. Saudi Arabia, the U.S., and Russia are the words 3 biggest producers in the world, and for the first time they broke through 33 million bpd. Iran, the second largest producing member of OPEC, plans to raise output to 5 million bpd, up from 4.6 million bpd. U.S. crude supplies rose by 7.8 million barrels to 432 million in the first week of November.