Oil rout runs to 12 days on supercharged selling

Oil prices have lost a fifth of their value over the past month

Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook.

West Texas crude yesterday set a record losing streak of 12 consecutive days, closing down by 7.1 per cent to $55.69 a barrel, its lowest since November previous year.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.

Anxious by a drop in oil prices and rising supplies, the Organization of the Petroleum Exporting Countries is talking again of reducing production just months after increasing it.

The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been watching the jump in supply and price slump with concern. Brent has lost 25 per cent since peaking at a four-year high in early October. Oil prices should be much lower based on supply!

It said that it expected "subdued global economic growth" to drive demand even lower than Opec was now forecasting.

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There simply aren't enough new antibiotics being developed to battle increasingly drug resistant bacteria . Do not take a swab or use antibiotics for the management of a leg ulcer without clinical infection.

Palestinians, Hamas commander killed by Israeli army in southern Gaza Strip
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"It's like a run on the bank", said Mr Phil Flynn, analyst at Price Futures Group in Chicago.

Oil prices have dropped to their lowest level in over eight months amid fears about a slowdown in demand. Brent Crude sank 6.6 percent to $65.47 a barrell. The recovery in oil prices that followed the 2017 OPEC-led supply cut is still prompting more growth in rival production.

The dollar also put pressure on oil, hovering near 16-month highs, making crude more expensive for importers using other currencies. Yet there is also worry about oversupply, resulting once again from the relentless increase in US crude oil production, which two weeks ago hit 11.6 million barrels daily and will likely continued higher last week as well, as drillers added more rigs.

Oil began to climb Monday when Saudi Arabia said that it would boost prices.

The meeting in Abu Dhabi over the weekend raised the odds of an output cut next month to "fairly high", and the reduction may be in the 1 million-barrels-a-day range, according to RBC Capital Markets. While the Organization of Petroleum Exporting Countries has indicated it looks to return to production cuts, Russian Federation has not joined the verbal interventions, adopting a "wait and see" approach at an Abu-Dhabi meeting with its allies this week.

Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015.

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