Correction: WTI Falls to $60 on Anticipation of OPEC Output Boost


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   Corrects headline.

    

   SECAUCUS, NJ (DTN) -- Oil futures fell for a third straight day on Tuesday 
(10/28), driven by concerns that OPEC may agree to boost crude production at 
its weekend meeting. 

   Meanwhile, energy traders overlooked an anticipated interest rate cut by the 
U.S. Federal Reserve on Wednesday (10/29) to focus instead on a report on U.S. 
oil inventories for last week, due today  from the American Petroleum Institute 
at 4:30 p.m. ET.

   The NYMEX WTI contract for December delivery settled down $1.16 at $60.15 
bbl. ICE Brent for December delivery slid $1.26 to $64.36 bbl.

   Front-month ULSD futures slumped $0.0506 to $2.3855 gallon.

   November RBOB gasoline futures bucked the lower trend, rising $0.0025 to 
$1.9229 gallon, and

   The U.S. Dollar Index was little changed, rising 0.098 points to 98.465 
against a basket of foreign currencies.

   Bloomberg reported that eight of 12 key members of the Organization of the 
Petroleum Exporting Countries are expected to reach an agreement during their 
November 2 meeting to raise their combined production by 137,000 bpd starting 
in December. The increase is part of a planned hike of 1.66 million bpd to 
reclaim OPEC's lost market share, according to the report.

   Despite the U.S. Treasury Department had recently sanctioned Russian energy 
firms Rosneft and Lukoil, some oil traders believe Russian crude may continue 
reaching the marketplace through shadow fleets operating beneath U.S. 
enforcers' radar.

   Growth in global oil supply has outpaced demand, with the International 
Energy Agency projecting a record 4 million bbl glut in 2026.

   On Tuesday,  Saudi Aramco CEO Amin Nasser told a conference in Riyadh that 
world oil demand was expected to grow by 1.1--1.4 million bpd next year, with 
80% of the buying coming from developing countries.




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