Oil prices drop as wave of supply meets global economic gloom

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Also keeping the pressure on prices, a survey by Reuters said that the OPEC increased its production this month to the highest level since 2016. Posting a sharper, 1.8-percent decrease Tuesday was the December Brent contract, which slipped $1.43 to end the day at $75.91. They fell 1.8 percent on Tuesday, at one point touching their lowest since August 24 at$75.09 a barrel. Instead, he pulled the United States out of the agreement, restored sanctions on Iran and threatened to lock foreign firms out of the US market if they do business with Iran.

Prices of crude oil remain under pressure so far today, shedding more than 15% in October only, falling from multi-year tops beyond the $77.00 mark per barrel seen earlier in the month to yesterday's low in the $65.30 region.

Both benchmarks posted their biggest monthly percentage decline since July 2016 in October, with Brent down 8.8 per cent for the month and USA crude losing almost 11 per cent.

Oil market sentiment received some support from equity markets, which pulled back from 20-month lows on Wednesday after pledges by China to support its markets.

U.S. President Donald Trump said on Monday that he thinks there will be "a great deal" with China on trade but warned that he has billions of dollars worth of new tariffs ready to go if a deal is not possible.

Thursday's drops came after U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.

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"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive", he said.

The American Petroleum Institute is due to release its weekly USA oil inventory report Tuesday at 4:30 p.m. EST, which is available only to subscribers.

US sanctions on Iran's energy exports come into force on November 4 and it is still unclear how much the country's roughly 3.8 mln bpd. production will affected.

The EIA's report failed to lift the mood around WTI after United States crude oil inventories rose by 3.217M barrels during last week.

That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once USA sanctions are imposed.