Oil falls to lowest price in 12 months

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Saudi Arabia is the largest member of the Opec cartel of Middle East and African oil producers. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts. Price is now moving through and beyond the 100 EMA and 55.00 looks a good long term place for a pause given the support that is there. The IEA expects inventories in industrialized nations to jump by 2 million barrels a day in the first half of next year if current output is maintained.

United States crude futures settled down US$4.24 a barrel, or 7.1 per cent, to US$55.69 a barrel.

Oil's slide accelerated on Tuesday (Nov 13), with USA futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.

The IEA, in its monthly report, kept its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day and 1.4 million bpd, respectively.

Crude oil has lost more than 25% of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

What's the best way to help boost oil prices in Canada? Oil prices have now fallen for 12 consecutive trading sessions.

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The agency said that lower prices "are clearly a benefit to consumers", especially those in developing countries who are seeing higher fuel prices due to weak national currencies.

Yawger noted that the potential pullback in Saudi output has in part already been made up by the sharp bump in USA production, which reached 11.6 million bpd in the most recent week, a new record.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown, as seen with the economic contractions in powerhouses Japan and Germany during the third quarter as well as in China's falling auto sales.

"If OPEC acts together and takes away barrels from the market, we will go back to above $70", Michele Della Vigna, head of energy-industry research at Goldman Sachs Group Inc., said in a Bloomberg Television interview.

Non-Opec oil supply will surge by 120,000 bpd next year and the US, Canada, Kazakhstan and Russian Federation will lead the group of countries contributing to this increase.

It said that it expected "subdued global economic growth" to drive demand even lower than Opec was now forecasting.

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