Crude Oil Futures End Sharply Higher

Oil price NOSEDIVES to lowest level in more than a YEAR after falling more than 4 percent

Crude oil prices began Thursday with a decline after the U.S. Federal Reserve signaled Wednesday that it would stay committed to tightening monetary policy in 2019, which led to stock market selloffs in major economies. Global benchmark Brent tumbled to a session low of $55.89 a barrel, a bottom last reached in October 2017.

Since crude oil trade is mostly done with US dollars, and crude future trading instrument prices are denominated in dollars, an appreciation of the USA dollar against other currencies makes oil more expensive for the rest of the world.

However, on November 5 the United States suddenly announced waivers to several buyers of Iranian oil, changing whatever concern was left about the market being short to new concerns that the market was oversupplied.

Brent crude was down 40 cents at $53.95 per barrel by 2:30 p.m. ET, bouncing from the session's 15½-month low at $52.79.

Crude oil prices fell Friday morning as the selloff extended and traders tested support levels amid widespread views that the market is oversupplied and that economic growth may slow. WTI is set to decline by about 9.5 per cent for the week. This cut will be observed from the next month onwards.

"The bear fest continues", said Stephen Brennock, analyst at London brokerage PVM Oil.

Triple-amputee vet crowdfunds for border wall
Due to the rapid success of the campaign , Kolfage increased the goal to $1 billion, which is the current maximum for the site. Kolfage said his group is working with a law firm on several possible options to ensure sure the funds go toward the wall.

Those fears receded after the United States granted sanctions exemptions.

Saudi Arabia's energy minister, Khalid al-Falih, said on Wednesday he expected global oil stocks to fall by the end of the first quarter. Meanwhile, investors remain skeptical that cuts agreed by OPEC and its allies are sufficient to avert a looming oil glut.

The Organization of the Petroleum Exporting Countries plans to release a table detailing output cut quotas for its members and allies such as Russian Federation in an effort to shore up the price of crude, OPEC's secretary-general said in a letter seen by Reuters on Thursday.

Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it now produces.

While the recent oil price drop suggests many don't believe these cuts will be as effective as the first ones in 2017, Zuercher noted a report by the Wall Street Journal that Saudi Arabia plans to cut more than initially expected, and the fact that Venezuela's production would likely continue downwards as would Iran's under the weight of US sanctions.

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