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

Saudis scramble to stop oil price slide

Rosneft, which accounts for 40 percent of Russian oil production, plans to raise its liquid hydrocarbon output further next year, to 241 million tonnes, or 4.8-4.9 million bpd, from 4.73 million bpd in the third quarter.

"We are talking about a cut from everyone, including Nigeria and Libya because their production has exceeded the cap in recent months", one source said.

The head of Libyan state oil firm NOC said in a statement on Thursday that it was important for OPEC and non-OPEC producers to co-operate to maintain oil market stability. The upward revision comes despite a downward adjustment for oil supply in Canada, China, Brazil and Mexico.

At the same time, supply has been surging amid a massive increase in U.S crude oil production.

Saudi Energy Minister Khalid al-Falih said on Monday that Opec agreed there was a need to cut oil supply next year by around one million barrels per day from October levels to prevent oversupply.

Oil prices have extended its record losing run, having dropped for a 12th consecutive session with yesterday seeing the biggest price decline (Over 7%) since 2014. Futures in NY were 0.8pc higher yesterday morning after plunging 7.1pc in the previous trading session, in the biggest one-day drop in more than three years.

In terms of technical indicators, WTI has remained below its 200-day moving average since late October.

Saudi-led coalition resumes air strikes on Yemen’s Hodeidah
Medical sources at al-Thawra hospital told Reuters that several staff members and patients able to move had fled the complex. The global community needs to say that's enough. "There will be no victor in this war", Le Drian told France 2 TV.

US bank Morgan Stanley said on Wednesday that China's economic "conditions deteriorated materially" in the third quarter, while analysts at Capital Economics said China's "near-term economic outlook still remains downbeat".

Front-month Brent crude oil futures were trading at $65.88 per barrel at 0441 GMT, down 24 cents, or 0.4 percent, from their last close. The global benchmark crude was at a $9.88 premium to WTI for the same month.

But since May, Opec+ have ramped up output while at the same time the U.S. continued to grow its oil production, which reached a record of 11.6 million bpd earlier this month.

Global benchmark Brent crude oil futures were down 9 cents at.38 per barrel. The industry-funded American Petroleum Institute will publish its weekly tally later Wednesday.

Phil Flynn, senior market analyst at Price Futures Group told the news site that the spat between Trump and OPEC was causing tensions in the global market. "With a build, I think it's reasonable that at least this afternoon the market came off a little bit".

Putin was more upbeat on the current market situation than his colleagues in OPEC, saying "where it is now, where it was recently, anything around $70 suits us completely".

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