MEA welcomes United States decision to exempt India from sanctions

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The sanctions waivers have further eased concerns the oil market will swing into a deficit of crude supplies.

USA crude futures for December settlement were trading at $61.90 per barrel in early NY business, down from $66.34 per barrel a week earlier.

"The rout continues for oil prices, which is on course for its longest losing streak on record (oil declining for 10 consecutive sessions) with WTI dropping below $60 and Brent cracking $70", DailyFX analyst Justin McQueen told UPI.

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Oil prices dipped on Wednesday as high output and US sanction waivers allowing Iran's biggest buyers to keep taking its crude reinforced the outlook for a well-supplied market. On Thursday, Nov. 8, 2018, Iranian state TV quoted the minster as predicting a painful time for worldwide oil customers as USA sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands.

China's producer price inflation slowed for the fourth month in October on cooling domestic demand, suggesting that economic momentum in the world's second-largest economy is softening in the face of simmering trade frictions with the United States. Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. "I am not at the liberty to give you details about the quantum of crude oil that we will continue to import", Kumar said at a media briefing held on Friday. The previous daily record of 9.6 million bpd was touched in April 2018.

Iran will not export as much crude as it has been.

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US crude stocks climbed by 7.8 million barrels in the week ending November 2 to 432 million, data from the American Petroleum Institute showed on Tuesday.

Crude has tumbled nearly 20% since touching a four-year high last month as bearish supply signals around the globe crowded out concerns about disrupted exports from Iran and Venezuela.

The 10-day decline is the longest losing streak on record for US crude, according to FactSet data going back to November 1984. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production. Specifically, Trump relies on top exporter Saudi Arabia to leverage its influence over other OPEC members to increase output and prevent oil prices from spiking as Iran's exports dwindle. Pressure from the U.S.to lower prices probably will decrease now that the nation's midterm elections are over, Saxo Bank's Hansen said.

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