Oil extends losses as markets fall, inventories climb

Oil price extend losses as other markets fall, stockpiles climb

Crude oil prices continued to fall along with the stock market Thursday while President Donald Trump had strong words for countries that ignore US oil sanctions. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Oil prices edged lower on Wednesday after the International Monetary Fund lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of almost 40 percent of US Gulf of Mexico crude output.

WTI is now down by 1.9% on the day just off the lows in the last hour to $71.82. The contract lost 2.4 percent in the previous session. The global benchmark has retreated after hitting a four-year high of $86.74 on October 3.

"We will take care of them", Trump told reporters when asked about the decision of some countries like India and China to continue to purchase oil from Iran.

USA crude inventories USOILC=ECI rose 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.

USA crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

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Malaysia to abolish death penalty; Bill may be tabled soon
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International Monetary Fund downgrades outlook for U.S., China as result of trade war
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Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT (1430 GMT).

This was after a 1.3 percent gain earlier in the day.

The facility is the only USA port able to fully load and unload tankers with a capacity of 2 million barrels of oil.

This story has been published from a wire agency feed without modifications to the text.

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