Crude mood: Oil enters bear market, plunging most since 2015

Representatives from here major oil producers met in Abu Dhabi at the weekend

Merrill Lynch says US crude production will break through 12 million bpd in 2019, supporting oil exports to the rest of the world. America's increasing inventories suggests "the nation's crude exports could become more active, resulting in excess global supplies".

"The oversupply in the market is a made-in-America phenomenon", Morse said Wednesday.

Despite this, oil prices have lost around a quarter of their value since early October as supply soars just as demand is expected to slow down along with an economic downturn.

What are countries doing to help raise oil prices?

In its monthly report earlier this week, OPEC revised its forecast for 2019 oil demand lower for the fourth consecutive month.

Front-month Brent crude oil futures were trading at $66.17 per barrel at 0737 GMT, up 5 cents from their last close.

Prices of the West Texas Intermediate have receded from session tops near $56.70 per barrel after Russian Federation showed itself against cutting the oil production.

Czech team leads 2-0 in tennis Fed Cup final against USA
Twice Wimbledon champion Kvitova, whose training has been limited this week due to a high temperature, could still play on Sunday. She and Riske battled back and forth then and the American pushed the set to a tiebreak, where Siniakova took control.

Meanwhile, in the US, crude inventories rose by 10.27 million barrels last week, while gasoline and distillate supplies declined, according to a report from the Energy Information Administration on Thursday.

Fearing a renewed glut like in 2014, when prices crashed under the weight of oversupply, the Organization of the Petroleum Exporting Countries (OPEC) is discussing supply cuts.

Mr Trump's tweet followed weekend reports that Saudi Arabia was considering a production cut at the December Opec meeting, on increased alarm that supply has started to outpace consumption.

Oil rose on Thursday, steadying after losing almost 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output. One aspect that might be in play is the amount of Non-Opec oil production with USA shale production increasing to record levels for next year. Another source, an OPEC delegate, agreed that a larger cut than 1.4 million bpd was possible, depending on the market.

He eschewed a direct response on Wednesday on whether curbs were needed, saying oil prices were adjusting after being hit by initial uncertainty about production in Iran, which later benefited from export waivers from US sanctions.

The comments from the minister, Khalid al-Falih, show the balancing act the USA allies face in dealing with President Donald Trump's actions related to the oil industry. Kazakhstan said on Tuesday its oil output rose 4.8 per cent to 74.5 million tonnes in the first 10 months of 2018, equivalent to 1.82 million bpd.

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