Oil falls for a third day, knocked by rising U.S. output

Oil falls for a third day, knocked by rising U.S. output

The country's light oil price was reported $50.39 on average since the beginning of 2017 until November 3.

The non-OPEC group of producers-led by Russia-has pledged to take 558,000 bpd off the market, which, combined with OPEC's 1.2-million-bpd cut, is removing close to 1.8 million bpd off the market as the cartel and its partners in this deal are trying to prop up oil prices and shrink high global oil inventories.

Analysts said investors believe the geopolitical tension will disrupt oil production in the region, so to offset rising USA output. The UAE, Opec's fourth-largest producer, sees no need for the organisation to hold an extraordinary meeting in the first quarter of next year, he said.

His Omani counterpart also voiced confidence there would be an agreement this month.

The level of inventories held by industrialized above the five-year average "has fallen by more than 50 per cent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said.

If there is a decision to extend the supply cut it will be until the end of 2018, said the Omani oil minister, Mohammed bin Hamad al-Rumhi, adding that he did not think producers would agree to deepen the curbs.

Morse's remarks came just hours after Opec Secretary-General Mohammad Barkindo gave assurances in Abu Dhabi that the worldwide oil market is re-balancing at a quickening pace and production cuts are the "only viable option" to restore stability.

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Congress by Republicans who insist their goal is to help the middle class, according to a Reuters/Ipsos opinion poll released .

Brent crude futures were last down 34 cents on the day at $62.82 a barrel at 1212 GMT, while U.S. West Texas Intermediate (WTI) futures fell 27 cents to $56.49.

According to the report, Iran sold its heavy crude oil at $54.60 per barrel in the mentioned week, up $2.11 from its preceding week.

Tensions in the Middle East have raised the prospect of disruptions, but it was unclear whether a strong natural disaster that hit Iran and Iraq on Sunday had affected the region's oil production.

OPEC has sought to push stocks to the five-year average.

Bahrain said at the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role.

Despite the Middle East tensions and OPEC-led supply cuts, traders were cautious in betting on further price rises, not least because of an increase in USA drilling for new production.

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