Crude mood: Oil enters bear market, plunging most since 2015

Will Gas Prices Go Up? Saudi Arabia to Cut Production

He also said he hopes to make progress on restoring relations with the US when he meets Trump at the end of this month on the sidelines of the Group of 20 summit in Argentina.

Washington recently granted waivers to eight Iranian oil importers, and global oil demand forecasts suggest that the market could be in for oversupply-both factors that substantially contributed to the dive oil prices took, as did rising US production.

"The combination of the weak stock market and the Donald Trump tweet had oil give up its gains", Flynn said.

The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level.

West Texas Intermediate for December delivery advanced 87 cents to $57.12 a barrel at 11:31 a.m. on the New York Mercantile Exchange.

It meant both were down by 7% on the day by 8pm in the UK. Total volume traded was about 58 per cent above 100-day average.

Lidl MOCK John Lewis advert with HILARIOUS tweet
It wasn't universally loved, with some complaining the advert was selling John's life, more than it was Christmas. Earlier this year, reports speculated that John Lewis had paid Elton John £5m to feature in the Christmas ad .

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The White House doesn't release lists of visitors. "We're not shedding any tears for, nor are we protesting for, Jeff Sessions ". The investigation was turned over to Rosenstein after Jeff Sessions recused himself shortly after taking office previous year .

Brent crude settled up 65 cents, or 1 percent, at $66.12 a barrel, after hitting a session high of $67.63. The global benchmark crude traded at a US$9.68 premium to WTI for the same month.

Oil has now fallen roughly 30 percent for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries, with expectations for increased supply from the U.S. and OPEC. Alternatively, Russia may propose not to increase output further, instead of a cut, the source said.

However, Russia's key partner in the production cut deal, Saudi Arabia, has expressed concern over the oil price slump in the past month.

OPEC - led by Saudi Arabia - along with Russian Federation have been burned by previous decisions to refuse production cuts. Weekly inventories have been consistently growing since late September, with today's EIA report being the largest yet. Analysts predict a rise of 3.2 million barrels, according to a Bloomberg survey.

USA crude oil output from its seven major shale basins is expected to hit a record of 7.94-million barrels a day in December, the United States department of energy's Energy Information Administration (EIA) said on Tuesday. Stockpiles in industrialized nations have increased for four consecutive months and are set to jump by 2 million barrels a day next half if current output is maintained, the agency said.

A new round of OPEC-led supply cuts in 2019 would further support US shale oil production, potentially repeating the cycle that played out in 2014. Hedge funds and other money managers have reduced their long position in oil contracts to their lowest since August of 2017 last week. Contributions of 200 words or more will be considered for publication.

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