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Crude oil futures fall 0.43% on weak global cues

14 November 2017

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.

On the supply side, tensions in the Middle East raised the prospects of disruptions, traders said, adding it was unclear whether a strong natural disaster that hit Iran and Iraq on Sunday had impacted the region's oil production.

Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.

The American Petroleum Institute (API) reports weekly crude and refined product inventories later on Tuesday.

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OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.

Crude oil futures inched higher Monday, staying near 2-year highs after OPEC predicted oil demand will surge in 2018. 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. Speaking at an energy industry conference, Barkindo emphasised he was confident that both the oil industry and the global economy were benefitting from the deal to cut output among the major producers.

An extension would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. The group is anticipated to extend the cuts beyond the current deadline, which will be in March next year.

Also, OPEC sees no reason for investors to expect oil to hit peak demand before 2040, the organization's secretary general said Monday.

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At the time of writing, Brent crude oil prices were trading 0.54 per cent lower at $62.82 per barrel while USA benchmark West Texas Intermediate (WTI) prices were down 0.48 per cent at $56.49 per barrel.

Brent has gained 11 per cent this year and the benchmark grade touched US$64.65 (RM270.90) a barrel in London on Nov 7, the highest intraday price since June 2015.

Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.

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Crude oil futures fall 0.43% on weak global cues