Oil rout runs to 12 days on supercharged selling

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Additionally, global oil demand growth has also been hurt by an escalating trade war between the USA and China that was instigated by the Trump administration, he said.

As a result, oil inventories are rising. Brent crude, used to price global oils, dropped to $65.17 a barrel.

With this type of trend, falling stock prices cause investor confidence to plummet right along with the oil prices.

The president has long complained about OPEC and its control over global oil prices.

Brent for January settlement climbed $1.01 to $67.13 a barrel on the London-based ICE Futures Europe exchange.

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Trump in recent weeks demanded the oil cartel increase production to drive down US gasoline prices.

US crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the US Department of Energy's Energy Information Administration (EIA) said on Tuesday.

Such a shift could anger U.S. President Donald Trump, who urged OPEC on Monday not to cut supply.

"During the first eight months of 2018, oil demand growth was negative in Iran, with a mixed picture among petroleum product categories".

In the same time period, Nigeria saw its production drop by 17,000 bpd to 1,751 million bpd, also according to secondary sources, remaining the largest oil producer in Africa.

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Russia's October level was around 460,000 bpd more than the 10.947 million bpd it had initially been bound to produce under the supply pact agreed with OPEC and other allies.

A lift in USA sanctions on Iran, increased shale oil production coupled with predictions of reduced world demand for oil has kept prices in trenches.

According to the report, OPEC crude output went up to 32.99 million barrels per day in October, "up 240 kb/d on a year ago". Oil is priced in dollars and the US currency has been strong of late.

The talks are preliminary, however, and the size of the final production cut will largely depend on the starting point the Organization of Petroleum Exporting Countries and its partners use, said one of the people, asking not to be identified because the discussions are private.

Saudi Arabia has shown concern as supply has started to outpace consumption, fearing a repeat of a glut that brought a price crash in 2014.

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Crude prices are influenced by several variables such as speculation on oil trades (known as futures), inventory levels, geopolitics, global economic growth and the relationship between global supply and demand. Russian oil minister Alexander Novak said his country was open to cuts, at a meeting of oil producers in Abu Dhabi.

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