Examining Details of US Exemptions on Buying Iranian Crude Oil: MEA

Iran’s Economy Minister Farhad Dejpasand

USA crude also dropped into a bear market on November 8 as prices fell to $59.28.

Futures in NY are slipping for a tenth day, extending a dramatic plunge that has dragged prices down over 20 per cent from a 2014 high five weeks ago. Market participants hope that the Ministers of oil-producing countries will discuss the possibility of reducing production in 2019.

The Trump administration on Friday announced it would grant sanctions waivers to eight countries, which allow them to continue importing Iranian crude for 180 days without fear of reprisal from the United States. Mr. Hook explained that with global insurers gone, Iranian tankers are now relying on domestic insurances which according to the State Department will not be able to monetarily protect countries that allow Iranian vessels to post should a maritime accident such as an oil spill takes place.

Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017. A collision between an oil tanker and a military frigate off Norway's coast temporarily shut down the nation's largest crude-export terminal, halted the pumping of several North Sea grades, and boosted immediate natural gas prices in the United Kingdom.

Pompeo meeting with North Korean envoy delayed
House of Representatives on Tuesday after the Democrats rode a wave of dissatisfaction with his presidency in mid-term elections. Some analysts believe this weakened state could impact Trump's foreign policy and test his North Korean diplomatic gambit.

All eyes will now be on the OPEC summit in Abu Dhabi this weekend, where a meeting with non-OPEC members will determine potential supply cuts.

US West Texas Intermediate (WTI) crude oil futures were at $65.60 per barrel at 0509 GMT, down 4 cents, or 0.1 percent from their last settlement.

Venezuela's crude production was in "free-fall" and could soon drop below 1 million bpd, the International Energy Agency's Executive Director Fatih Birol warned on Tuesday, down from the more than 2 million bpd it averaged previous year.

That is around half of what it has been buying daily from Tehran, on average, since the beginning of 2016.

Midterms Usher Wave Of Young, Democratic Women Of Color Into House
Democrats won the national election (despite important setbacks in the US Senate) because of women candidates and women voters. Omar's district has become increasingly foreign-born with now nearly 15 percent of the region being born outside of the U.S.

Oil prices slipped on Wednesday, continuing a recent slide after surging US crude output hit another record and domestic inventories rose more than expected. Brent is set for a 2.9% drop for the week, its fifth consecutive week of declines. The global benchmark crude traded at a $9.93 premium to WTI for the same month. Output from these three countries in October exceeded 33 million barrels per day (bpd) for the first time, meaning they alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

US crude stocks climbed by 7.8 million barrels in the week ending November 2 to 432 million, data from the American Petroleum Institute showed on Tuesday. At the same time, nationwide stockpiles rose 5.8 million barrels last week, compared to a 2-million-barrel gain expected in a Bloomberg survey. When they meet this weekend, the producers will have to contend not only with the threat of a glut, but also the risk to demand from faltering emerging-market economies and a trade war between the U.S. and China.

The 10-day decline is the longest losing streak on record for US crude, according to FactSet data going back to November 1984.

Wisconsin community mourns deaths of 3 Girl Scouts, 1 parent
Treu and his passenger later told investigators they had been huffing from a computer keyboard cleaner they'd purchased that day. Treu and the passenger told police they had been "huffing," or intentionally inhaling chemical fumes, police have said.

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