Factors beyond producers’ control are impacting oil market - OPEC

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Oil prices fell to two-week lows on Thursday as it extended big losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing US crude inventories rose more than expected.

Brent crude futures fell $2.10, or 2.5 per cent, to $80.99 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were down by $1.10, or 1.5 percent, at $72.07, having fallen to their lowest since September 28.

"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data", said the IEA, which advises industrialised countries on energy policy.

Crude output lost in the two days of storm shut-ins represents about 9 percent of the US production of 11.1 million barrels per day, according to data from the Energy Information Administration.

The U.S. Energy Information Administration (EIA) on Thursday reported rises in both crude oil and gasoline inventories.

On the oil front, U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase. India is Iran's top oil client after China.

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The Organization of the Petroleum Exporting Countries (OPEC) downgraded its global oil demand estimate due to changes in economy forecasts for Turkey, Brazil, Argentina, a report by the OPEC showed Thursday.

The West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

The report also put average Iranian heavy crude price at $68.70 since beginning of 2018 up to the report's publishing day.

The group's daily production rose by 132,000 barrels in September to 32.76 million.

That is down from at least 2.5 million bpd in April, before U.S. President Donald Trump in May withdrew the United States from a 2015 nuclear deal with Iran and re-imposed sanctions.

"Even though [the storm] is going to miss most productive assets, it will be a narrow miss", Again Capital partner John Kilduff said.

Energy hungry India now imports more than 82 percent of crude oil for its domestic requirement and about 62 percent of its (Indian) oil imports come from Saudi Arabia and other middle eastern countries like Iran, Iraq and Kuwait. Producers lost about 1.7 million barrels of oil through Wednesday as a result of shut-ins and the figure is expected to rise. Crude could be US$5 to US$10 lower by January, he said.

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