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Brent crude, the European benchmark, was trading just above $65 a barrel while USA crude futures stood just below $56 - its lowest mark for 12 months. The oil cartel expects oil demand to grow by 1.29 million barrels per day in 2019, down 70,000 bpd from its projection last month.
However, Russia's key partner in the production cut deal, Saudi Arabia, has expressed concern over the oil price slump in the past month.
President Vladimir Putin said he discussed the price of oil with USA counterpart Donald Trump when they met in Paris briefly on Sunday, adding that Russian Federation is happy with current prices.
The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level.
Oil struggled to find its footing on Wednesday after plunging 7 percent the previous session, with surging supply and the spectre of faltering demand scaring off investors.
Fearing a renewed glut like in 2014, when prices crashed under the weight of oversupply, the Organization of the Petroleum Exporting Countries (OPEC) is discussing supply cuts.
The reason being that the sanction coincided with when OPEC was duly guided to monitor oil supply quota allocated to countries that are its members, while at the sametime, placed a ceiling on the barrels of oil produced daily by some members, including Nigeria.
"It is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019", ING said.
Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note.
Global benchmark Brent crude oil futures were down 9 cents at.38 per barrel.
The IEA also cut its forecast for demand for OPEC crude by 300,000 bpd in 2019.
What has been made apparent by OPEC and the IEA is that oil demand growth is slowing, while oil supply, most notably from the U.S. is rising to record levels at a rapid rate.
Much of the expectations of the supply cuts were driven by earlier comments from Khalid Al-Falih, energy minister for Saudi Arabia, who told media that producers need to cut about 1 million barrels per day (bpd) from October production levels.
Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year. It was just a little over a month ago when the price of oil spiked at $76 a barrel around the first of October.
Meanwhile, in the USA, crude inventories rose by 10.27 million barrels last week, while gasoline and distillate supplies declined, according to a report from the Energy Information Administration on Thursday.
President Donald Trump attend a First World War armistice anniversary ceremony at the Arc de Triomphe in Paris on November 11. Some took the opportunity to mock Trump's continued chummy relationship with the Russian leader. "You're very smart people".
He reiterated that he was reviewing Interior Secretary Ryan Zinke job as well, following numerous reports of ethical violations. Shortly thereafter, however, it was announced that Attorney General Jeff Sessions had been forced out.
The Pixel Slate most people will choose is the $800 Core m3 variant, which also has 8GB of RAM and 64GB of storage. However, the APK version is available for Pixel series users to get a taste of what the Night Sight mode brings.
The entire town of Paradise was wiped out and yesterday, hot and dry "devil winds" kicked up in fire-ravaged Southern California . The National Weather Service warned early Monday that "dangerous fire weather" was expected to continue in California.
The voters apparently listened , passing Amendment 4 , and re-enfranchising some 1.4 million potential voters. This added to Florida's already lengthy wait list as the state now has a backlog of more than 10,000 cases.
Apple announced a new Mac Mini at the Apple event on Tuesday, the biggest update the mini desktop has ever received. The faster option is a 3.2GHz 6-core 8th-generation Intel Core i7 , with Turbo Boost up to 4.6GHz for $300 more.
Invor Bedessee, a Toronto resident, took to social media shortly after the incident to post an account of his flight. Fly Jamaica said the airline is now making arrangements to fly the plane's passengers out of Guyana.
I saw it online. "I was angry and I sent it out", the woman told investigators, according to Grassley's letter. Grassley said looking into Munro-Leighton's claims diverted resources on a time-sensitive manner.
Tesla had disclosed on September 18 that it received a "voluntary request" for documents from the Justice Department. Orders for the company's Model 3 in Europe and China would be taken before the end of this year, Tesla said .
Butler told the Timberwolves in September he wanted to be traded, and it took weeks for the team to find a deal it would accept. The 76ers are shipping Dario Saric , Jerryd Bayless , Robert Covington and a 2022 2nd round pick in exchange.
Red Dead Redemption 2 players will want to grab the legendary bear pelt in order to craft an awesome outfit for Arthur Morgan. Red Dead Online is planned for launch in November 2018, initially as a public beta, with more news to come soon.
The Pentagon approved a request for additional troops at the southern border, likely to total several hundred , to help the U.S. In April, frustrated by lack of progress on the wall, Trump ordered the National Guard to help secure the border.
Bryce Harper Won't Be Signing With Yankees
Giancarlo Stanton's 13-year, US$325-million (RM1.349 billion) deal with the Miami Marlins in 2014 was a contract extension. "We didn't get anything done, but he's a guy that is near and dear to us and we are not closing any doors".
Dez Bryant's patience pays off with ideal landing spot
The Saints have racked up the seventh-most passing yards per game this season with 289.9 and second-most most points at 34.9. When Bryant, a former star, worked out with Cleveland, he briefly negotiated with the team but never came to terms.
Boeing issues advice over sensors after Indonesia crash
Boeing Russia declined RT's request to comment on the matter, referring to an earlier statement Boeing made following the crash. The Lion Air crash was the first involving the type of plane, which airlines introduced into service past year .
Amazon drops $25 free shipping minimum for holidays
Normally, free two-day shipping is something only Prime subscribers get, and a Prime subscription can cost a fair amount of money. According to the Seattle company's latest annual filing, shipping costs almost doubled from 2015 to 2017, reaching $21.7 billion.
Sri Lanka president summons Parliament after PM turmoil
Some 120 lawmakers were expected by Sunday to support a no-confidence vote against Rajapaksa , according to AP count. Details of the alleged plot have not been disclosed and Wickremesinghe has repeatedly denied the accusation.
Apple updates MacBook Air with Retina display, Touch ID
Another highlight feature is Touch ID , which is now found on as a key on the keyboard, and powered by the company's T2 chip. Lastly, as we are massive audiophiles here at T3, we were also impressed with the new MacBook Air's upgraded audio system.