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Crude Oil Futures Drops By 1% On Higher OPEC Output Survey

Recently, Brent crude futures were dropped by more than 1% in Asia as stated by a survey of S&P Global Platts. This survey signified that the OPEC (Organization of the Petroleum Exporting Countries) producers increased crude outcome in last month that eased global supply concerns.

The December ICE Brent crude futures were dropped by 90 cents per barrel i.e. by 1.07% at $83.26 per barrel, whereas, the NYMEX light sweet crude contract was dropped by 63 cents per barrel i.e. by 0.85% at $73.71 per barrel. The OPEC’s 15 countries have amplified the crude oil outcome in last month to 33.07 million barrels per day—that is the 180,000 barrels per day surge from August—as per the Platts survey of analysts. OPEC has been under the hit list from the U.S. for declining the increased outcome to answer rising oil prices. This outcome increase has hit 4 Year highs recently and was unable to frame for predicted outcome losses from sanctions-hit Iran and Venezuela. Platts reported that the 33.07 million barrels in last month were the highest OPEC has manufactured since July 2017, if the Republic of Congo is not included in the list.

Speaking of crude oil futures, recently Brent crude oil climbed to $84 as Iran exports fall further. Oil prices increased recently as more evidence comes into sight that crude exports from Iran were refusing in the run-up to the re-imposition of the U.S. sanctions and also as the hurricane moved through the Gulf of Mexico. Brent crude was increased by 45 Cents or 0.5% and was at $84.36 a barrel. Brent strikes a 4 Year high of $86.74, in the last week. The U.S. WTI (West Texas Intermediate) crude futures surged by 41 Cents or 0.5% and were at $74.70 a barrel. Iranian crude exports dropped down further in the last week, as per an industry source and the tanker data, since customers are looking for alternatives before the start of the U.S. sanctions.

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