While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey
Crude may witness choppy trade amid mixed factors, however, we expect selling pressure to emerge at higher levels amid persisting demand worries and prospect of higher supply from US and OPEC.
The cost of the Indian basket of crude, which is the average of Oman, Dubai and Brent crude, was at $20.56. Retail prices of petrol and diesel in India are linked to the price of these fuels in global markets.
Brent crude futures, the international benchmark for oil prices, have slipped around 30 percent since early October to trade around $60 a barrel from around $86 a barrel
London Brent crude for August delivery was up 9 cents at USD51.53 a barrel by 0451 GMT, after settling up 89 cents on Tuesday. It earlier touched USD51.55, the highest since October 12.
Asian markets were trading mixed following a mild finish from US equities overnight. Revised government data showed the economy shrank at an annualized 1.1 percent in the final quarter of 2015.
The March Brent contract was down USD 1.77, or 6.25 percent, at USD 28.96 a barrel, having fallen as low as USD 28.82, the weakest level since February, 2004.
Miswin Mahesh of Barclays says all negatives are already priced in, so this leg of volatility is just stretching of imagination for those who are shorting. In such a scenario it is very difficult to call a bottom, he adds
The broader markets got slaughtered more compared to benchmarks as the BSE Midcap was down 2.7 percent and Smallcap lost 3.13 percent. The market breadth worsened in late trade; nearly six shares declined for every share advancing compared to 1:1 earlier on the Bombay Stock Exchange.
David Lennox, Analyst, Fat Prophets, says crude prices will remain volatile until no cuts are announced from major producing nations, from Organization of the Petroleum Exporting Countries (OPEC) or any of the major companies in Saudi and US.
Oil marketing companies slashed aviation turbine fuel (ATF) prices by 10 percent, hence current prices are lowest since June 2010. Fourth consecutive monthly decline was after the sharp fall in crude oil prices.
The OPEC has decided not to cut its oil production and neither has US, therefore weakness for crude in the short-term is give, says Daniel Hynes, Senior Commodity Strategist at ANZ Research.
Tata Motors, ITC, TCS, NTPC and Bajaj Auto were top gainers in the Sensex while Vedanta, GAIL, Hindalco, Tata Steel and ONGC were major losers.
The oil market has collapsed by more than half since mid-2014 with prices languishing under USD 50 a barrel, hurt by the supply glut and the decision by the oil exporter grouping OPEC to maintain output to counter booming US shale production.
Asian stocks held on to losses early Monday, even as a private survey of China's mammoth manufacturing sector indicated factory activity fell for an eighth straight month in October, but at a slower pace
Indian shares are likely to surge at open, following a Wall Street rally overnight, as markets go into a crucial Federal Reserve monetary policy meeting with expectations the Fed won't hike interest rates.
In the US stocks closed lower as investors eyed the Federal Reserve meeting later in the week.
Speaking about the rally seen in gold, Daniel Hynes of ANZ Research said for the time being gold could even see levels of USD 1200 per ounce on back of currency movements in Asia and seems to be a safe haven for commodity investors.
Asian stocks stumbled early on Monday as weaker energy prices and fresh manufacturing data out of China sapped risk appetite.
Crude oil prices fell nearly 8 percent on Monday on global weakness post Greece voted 'No' to bailout package, continuing downtrend for the third consecutive session.
US markets closed lower as investors weigh higher bond yields and oil prices ahead of Friday‘s important jobs report.
Crude futures fell from 2015 peaks in choppy trading on Friday, but Brent's 9.6 percent weekly gain was its biggest in more than five years as Middle East turmoil and signs of lower US production lifted prices.
Miswin Mahesh, energy analyst, Barclays says oil supply may double if Iran's sanctions are eased. The surplus as of now is 1.2 million barrels per day.
In the US, Wall Street closed lower on Friday, as a week of mixed economic data, renewed dollar strength and sharply lower oil prices made traders cautious ahead of this week's fed meeting.
Globally, US markets fell for the fifth day with the S&P 500 closing below 2,000 for the first time in a month. Asian markets too are trading in the red tracking Wall Street losses with the Japanese Nikkei down almost 2 percent.