MARKET: Crude oil market gives investors wild ride

MARKET: Crude oil market gives investors wild ride

"As U.S. Gulf Coast refiners re-establish operations, these wider margins should provide an economic incentive for refiners to meaningfully work through recent crude oil inventory builds", said Fitch. Additionally, it materialized on visibly lower volume than the earlier decline, which increases doubts about oil bulls' strength and a further rally.

Futures fell the most in more than three weeks after Saudi Arabia and at least three other OPEC nations pumped more crude last month.

Futures lost as much as 1% in NY, after falling 2.4% in the previous two sessions.

The latest figures released by energy services firm Baker Hughes stated that United States drillers added six oil rigs in the week ending 29 September, bringing the total to 750.

Brent crude, the global benchmark, was down $1.22 or 2.15 percent at $55.56 a barrel at 11:20 a.m. EDT (1630 GMT). "That's all feeding in here to generating some downward pressure", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone.

But a Reuters survey on Friday found OPEC oil output rose last month, mostly because of higher supplies from Iraq and also from Libya, an OPEC member exempt from cutting output. A report emailed Monday from RBC Capital Markets said political trouble brewing in Venezuela, the fallout from the Kurdish referendum, and questions over the status of the Iranian nuclear deal could all point to trouble on the oil market horizon.

Two children killed in shelling by Pak along LoC; 3 terrorists killed
In a major boost for the security forces, the BSF had on September 30 detected a 14-foot-long tunnel in Jammu's Arnia sector. Ten of the injured belong to Dighwar sector while other two hail from Kerni sector.

Brent crude futures were up four cents at $56.04 US a barrel.

Last year Azerbaijan produced 829,100 bpd on average before it signed up to an OPEC oil output cut deal in November.

Gasoline stocks rose by 1.6 million barrels, compared with analyst expectations in a Reuters poll for a 1.1 million-barrel gain. The 14-nation oil cartel, led by Saudi Arabia, accounts for almost 44 percent of the world's crude oil production.

The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Due largely to rising USA output, Saxo Bank's Hansen said that "an extension of output curbs beyond March (2018) will be needed to ensure continued support for the oil market".

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