Oil Prices: November 4 Iran Sanctions Nearing

Oil price falls to $75 from high of $86

The Schork Report editor Stephen Schork on US oil production and why he believes that the market has adjusted to the Iran sanctions. These numbers are in line with seasonal trends; oil inventories typically rise as refineries re-tool for winter product blends.

The U.S. stock market lost over 2 percent in the early session resulting from warning of higher production costs by heavy equipment maker Caterpillar Inc. and disappointing operating results of industrial conglomerate 3M Corporate in the third quarter.

Traders said the fall in crude oil futures is mostly in tandem with a weak trend overseas where it slipped to trade at seven-month low on concerns over weakening global demand and increased supply from the world's major oil producers.

Oil prices moved up for the first time in three days yesterday, but rising supply and fears over the outlook for demand amid the U.S.

"Crude has been hit hard by the broader macro sell-off and concerns about trade wars and strong dollar hurting emerging market (EM) demand". Continuing trade tensions between the USA and China are raising concerns slower economic growth will slow the demand for oil.

But oil supply from other countries is rising.

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Despite surging output, concerns lingered ahead of the start of USA sanctions against Iran's petroleum exports from next week.

Analysts believed that the supply increase has offset the negative impact and declines in Iranian shipments caused by new US sanctions on Iran to be effective on November 4.

October wasn't just a tough month for equities, it was also a crushing month for crude oil. The latest US EIA data showed that the US crude oil inventories climbed for a sixth straight week last week.

US crude was up 26 percent this year through the high on October 3.

Brent crude futures fell $1.57 a barrel to $73.47 a barrel as of 11:38 a.m. EST (1538 GMT), while USA futures were down $1.40 a barrel at $63.91. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound.

Crude oil prices have already declined significantly over the last month, going from a high of almost $87 per barrel on October 3 to about $72.55 per barrel on Friday. This is where the market bottomed in August, in June and back in the spring. "I would categorize this as a seasonal build as the extended driving season is finally over heading into the North American Time zone change this weekend", John Thorpe, a commodity broker at Los Angeles-based Cannon Trading, told UPI.

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