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U.S. Crude Oil Slips Below $82 After Rally On Saudi Lead

24 Oktober 2014
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U.S. Crude Oil Slips Below $82 After Rally On Saudi Lead
A worker walks past a section of an oil refinery, which is being brought on a truck to Kalak refinery in the outskirts of Arbil, in Iraq's Kurdistan region, July 14, 2014 - (REUTERS/Stringer)

U.S. crude for December delivery had dropped 31 cents to $81.78 a barrel

Bareksa.com - U.S. crude futures pulled back on Friday to trade below $82 a barrel, after rising the most since mid-September in the previous session on news that top oil exporter Saudi Arabia supplied less oil to the market last month

U.S. crude for December delivery had dropped 31 cents to $81.78 a barrel by 00.16 GMT, after gaining $1.57 on Thursday. That was the biggest daily gain for West Texas Intermediate since Sept. 16.

December Brent crude slipped 17 cents to $86.66 per barrel. Brent jumped more than $2 the session before, also its largest increase since Sept. 16. In terms of percentage, Brent's 2.5-percent rise was the largest since June 12.

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Saudi Arabia supplied less crude oil to the market in September than a month earlier, an industry source said on Thursday, at a time when some OPEC members are calling on Saudi to cut output to lift prices that have fallen to four-year lows last week.

Crude supply from the OPEC heavyweight fell to 9.36 million barrels per day in September from 9.688 million bpd in August, the source said, without giving a reason for the drop.

For the week, U.S. crude is still on track for a fourth weekly drop, while Brent is up marginally after a four-week slide.

The premium for benchmark cash WTI crude in Cushing, Oklahoma has tumbled to its lowest in six months, threatening to flip the U.S. futures market into contango and set the stage for a further slump in prices.

The Obama administration threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

A struggle has broken out for control of Libya's state-run energy sector as rival governments in Tripoli and the east compete for power, but a common interest in maintaining oil revenues will keep exports flowing for now. (Source: Reuters)

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