Oil Drops on Stock-Market Swings

Futures in NY slipped as much as 1.2 percent, on course for a third weekly drop of over 3 percent.

Brent crude futures rose 72 cents to settle at $76.89 per barrel as US equities rose amid strong corporate earnings.

Financial markets have been roiled by the U.S.

There have been concerns about an economic slowdown worldwide partly because of trade disputes between the USA and China, the world's two largest economies.

Crude oil futures were volatile Friday in part as investors are concerned about risks of an economic slowdown, yet the move into normal backwardation reflects healthier price levels, analysts said.

The West Texas Intermediate (WTI) for December delivery picked up 0.26 US dollar to settle at 67.59 dollars a barrel on the New York Mercantile Exchange.

The base price for Iranian oil will be $79.15 per barrel. However, there has also been new concern among market players: that global economic growth may be slowing down and will continue to slow down, ultimately hurting oil demand. India is among the largest importers of Iranian crude oil and the jump in imports comes amid increasing pressure from the United States on Iran's oil customers to cut purchases. Meanwhile, Brent oil price for December delivery further increased 0.74 US dollars to 77.63 USA dollars per barrel. He attended Daley College in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange which eventually led him and his team to The PRICE Futures Group.

OPEC has started sending mixed signals, too, with Saudi Energy Minister forecasting that the global oil market would shift to oversupply in Q4 2018 amid high stockpile rates.

Also lifting prices were comments by Saudi Arabia Energy Minister Khalid Al-Falih, who said there could be a need for intervention to reduce oil stockpiles after increases in recent months. Washington is still insisting on full compliance to ensure no Iranian oil exports find a market.

A global collapse in equities has weighed on oil markets.

In the months following the full implementation of sanctions in November, the total volumes of crude oil and condensate coming off the market will become more apparent. USA efforts to isolate Iran and its crude output, as well as spiraling Venezuelan production, haven't been enough to serve as a geopolitical counterweight to the selloff.


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