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Oil fell to its lowest level in more than six months as signs of accelerating U.S. supply emerged. Traders also speculated that U.S. sanctions against Iran would fail to reduce Iranian exports to zero.
New York crude dropped 2.5 percent, extending its slide to a fourth day.
Expanding U.S. output and doubts about the effectiveness of Iran sanctions point to ample crude supply, which pressures crude prices lower and weighs on energy-linked feed costs.
bloomberg.comSamuel RobinsonNov 1, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Same-day report of oil hitting a six-month low on accelerating U.S. supply and doubts that Iran exports would fall to zero directly explains the sharp one-day Brent drop (supply/sentiment).
Oil fell to a six-month low on accelerating US supply and speculation Iran sanctions would not cut exports to zero, a supply-side bearish shift.
