Investing.com -- Crude oil prices slid on Friday, as a number of private estimates all pointed to OPEC producers raising their overall output in August, despite signs of faltering global demand.
News agencies Bloomberg and Reuters and price-reporting service Argus all calculated that OPEC’s combined output rose last month, by anything between an average of 80,000 barrels a day and 200,000 barrels a day.
One conspicuous source of over-production was Iraq, which pumped a new record-high average of 4.88 million barrels a day in August, well above its agreed ceiling under the so-called OPEC+ deal on output restraint.
The estimates stoked latent fears of a new glut forming on world markets, given a steady stream of weaker-than-expected global data, especially from the manufacturing sector.
Bloomberg reported earlier that analysts at Commerzbank had cut their Brent crude forecasts by $5 a barrel to an average of $60 through the end of 2020, while UBS said the worsening demand outlook would push it down as far $55.
By 10:05 AM ET, WTI futures, the U.S. benchmark blend, stood at $55.15, down 2.2% on the day, while the international benchmark blend Brent was at $59.92, down 1.7%.
The hotly-anticipated U.S. labor market report had little effect on the market, even though it confounded the bullish interpretations of payroll processor ADP’s report on private-sector jobs on Thursday.
Elsewhere, gasoline futures fell 1.2% to $1.5285 a gallon, while Natural Gas Futures futures rose 0.5% to $2.447.
Investing.com -- Crude oil prices slid on Friday, as a number of private estimates all pointed to OPEC producers raising their overall output in August, despite signs of faltering global demand.
News agencies Bloomberg and Reuters and price-reporting service Argus all calculated that OPEC’s combined output rose last month, by anything between an average of 80,000 barrels a day and 200,000 barrels a day.
One conspicuous source of over-production was Iraq, which pumped a new record-high average of 4.88 million barrels a day in August, well above its agreed ceiling under the so-called OPEC+ deal on output restraint.
The estimates stoked latent fears of a new glut forming on world markets, given a steady stream of weaker-than-expected global data, especially from the manufacturing sector.
Bloomberg reported earlier that analysts at Commerzbank (DE:CBKG) had cut their Brent crude forecasts by $5 a barrel to an average of $60 through the end of 2020, while UBS said the worsening demand outlook would push it down as far $55.
By 10:05 AM ET, WTI futures, the U.S. benchmark blend, stood at $xx.xxx, down x.x% on the day, while the international benchmark blend Brent was at $6x.xx, down x.x%.
The hotly-anticipated U.S. labor market report had little effect on the market, even though it confounded the bullish interpretations of payroll processor ADP’s report on private-sector jobs on Thursday.
Elsewhere, gasoline futures
Natgas