Oil prices dip on weak demand outlook, supply concerns

Oil prices dip on weak demand outlook, supply concerns

Oil prices dip on weak demand outlook, supply concerns

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russian Federation again missed its target to cut oil output last month.

USA crude oil futures were down by 9 cents, or 0.2%, to $53.69.

Oil prices steadied a little on Tuesday, supported by signs of progress in talks on resolving the U.S. As for WTI crude for November delivery, it lost 47 cents, or 0.9%, to end at $53.31 a barrel on the New York Mercantile Exchange and followed a 1.7% weekly decline. Adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed.

"A rebound in upside potential looks unlikely at this stage given that bullish catalysts are in short supply", said Stephen Brennock of oil broker PVM.

On the supply side, US crude stockpiles were expected to have increased for the sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct.18, a preliminary Reuters poll showed on Monday.

However, a 9.4% year-on-year increase in China's refinery throughput for September signaled that petroleum demand remained robust.

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On the supply side, Russia, the world's second-largest oil producer, said on Sunday it did not meet its supply reduction commitment to a global deal in September because of an increase in natural gas condensate output as the country prepared for winter.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil producers, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day (bpd) from the start of this year.

But several countries, including OPEC kingpin Saudi Arabia, have complained about Russia's failure to comply with the deal in full.

"This level of crude intake would imply that every province had simultaneously processed close-to-record volumes of crude based on their historical regional reporting", JBC analysts said in a note.

Analysts have said any British-EU agreement that avoids a no-deal Brexit should boost economic growth and oil demand.

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