Oil Prices Fall Again as US Crude Inventories Rise

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America, with OPEC and Russian Federation, seems to be working towards keeping oil in the $50 range globally, which means we can expect the local prices to stay at the current levels at least for some time.

Investors remain uncertain over whether an agreement on output cut would take shape during next week's OPEC meeting in Vienna, as Saudi Energy Minister Khalid al-Falih said on Wednesday his country would not cut oil output on its own.

"The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019", BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum.

"Everybody is longing for reaching a decision that brings stability back to the market", he said.

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He added that if OPEC does not reduce production, prices could tumble to $40 a barrel. This increase in the country's oil inventory was fed by increasing oil imports. "The key question is how quickly and by how much", said one source familiar with the talks between Russian oil firms and the ministry.

OPEC's biggest problem is surging production in the United States, where output has grown by around 2 million bpd in a year to more than 11.5 million bpd.

The global oil prices had risen as the sanctions on Iran from 1 November led to speculations of production shortage.

Macro-focused and commodity trading advisory funds (CTAs) had bet on a further rally ahead of renewed US sanctions on Iran, but instead were caught wrong-footed after waivers were announced and USA production surged faster than expected.

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USA crude futures CLc1 had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 0737 GMT. Among renowned oil bulls, the Andurand Capital Commodities Fund lost 4.1 percent for the month through November 16, putting it down 15.7 percent for the year, according to HSBC data.

Brent crude, the global benchmark, was down 73 cents, or 1.2%, at $59.48 US a barrel mid-morning Wednesday, after trading as high as $61.27.

"As sharp as the falloff has been, I think the market is poised to have as sharp a comeback", said Shawn Reynolds, portfolio manager of the VanEck Global Hard Assets Fund in NY.

Nigeria and Libya were excluded from the previous cuts because of production declines caused by unrest, though their output has now recovered.

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Traders, however, are still focused on the expected meeting at the G20 Summit in Buenos Aires, Argentina between Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin. Articles appear on euronews.com for a limited time.

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