Crude Oil Price Eyes China Slowdown, IMF Growth Outlook Update

Lease Operator Jon Pearson checks well pressure on a lease owned by Parsley Energy in the Permian Basin near Midland

Oil price TUMBLES: Crude falls as concern grows over weakening US demand

Total products supplied over the last four-week period averaged 20.1 million barrels per day, down by 2.1 percent from the same period previous year.

It recommended investors should "stay long" crude oil. The outlook for the supply-side is also uncertain as it largely hinges on OPEC and allies' decisions about production levels, especially after the first half of 2019.

US oil prices settled higher on Wednesday.

Oil prices rose more than 1 percent on Friday after an OPEC report showed its production fell sharply last month, easing some concerns about prolonged oversupply. Brent crude traded near $62 a barrel in London on Friday, having surpassed $86 in October.

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"OPEC production is set to fall further in January, when the new Vienna Agreement cuts take effect", the IEA stated. OPEC production fell by the most in nearly two years in December after the cartel and other top exporters agreed to rein in output, according to data released this week.

Ashton Whiteley analysts say prices have been negatively impacted by disappointing trade data out of China which revealed a decline in imports and exports as the trade tariffs imposed by the U.S. during the course of a year ago begin to take their toll.

The data, however, showed that the annualized fourth-quarter growth rate slowed to 6.4 percent, as expected.

Although the agency forecasts that oil prices will remain lower than during most of 2018, the prediction includes some increase in prices from December 2018 levels in early 2019 to keep up with demand growth and support the increased need for global oil inventories to maintain five-year average levels of demand cover.

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British lawmakers defeated Prime Minister Theresa May's Brexit divorce deal by a crushing margin, triggering political upheaval that could lead to a disorderly exit from the European Un-ion or even to a reversal of the 2016 decision to leave.

As only the Saudis remain willing to hold back production capacity when there's too much oil on the market, the kingdom will retain its unique position as the so-called swing producer.

Oil prices declined on Thursday as investors continued to worry about a global glut, which is fueled by rising USA crude output.

At the moment the United States has no intention of granting any further sanction waivers to Iran crude oil buyers.

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She told The Yorkshire Post: "I don't think Parliament is going to be able to come down in favour of a particular deal". Labour leader Jeremy Corbyn has said he will not hold talks with Theresa May until she rules out a no-deal Brexit.

Earlier in the week, Saudi Energy Minister Khalid Al-Falih said he's confident the cuts will have a "strong impact" on the market.

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