# Oil Sinks to Six-Month Low as U.S. Supply Surge Eases Iran Fear - Bloomberg

> 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.

- Date: 2018-11-01 · published 2018-11-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/9152-oil-sinks-to-six-month-low-as-u-s-supply-surge-eases-iran-fear-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-11-01 | 1 | -4.8% | -3.7 | 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). |
| BRENT | 2018-11-01 | 5 | -7.1% | -2.8 | 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. |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-11-01/oil-extends-losses-near-65-on-supply-concern-and-strong-dollar

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.