Deeper oil supply cut 'an option,' says OPEC chief

  • Deeper oil supply cut 'an option,' says OPEC chief

Deeper oil supply cut 'an option,' says OPEC chief

Prices were also weighed down by a report of rising stockpiles in the United States, now the world's biggest oil producer.

Global benchmark Brent crude futures LCOc1 fell 11 cents, or 0.2%, to $58.21 a barrel by 0354 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were down 11 cents, or 0.2%, at $52.48 per barrel.

Investors are cautious ahead of US-China talks which are due to be held in Washington on Thursday, although these talks are not expected to produce a comprehensive deal to end the trade war between the world's two largest economies.

Tensions between the two sides rose this week as the United States imposed visa restrictions on Chinese officials and placed some major Chinese companies on a blacklist.

OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Turkey launched a military operation into Syria, President Tayyip Erdogan said, adding the offensive aimed to eliminate a "terror corridor" along the Turkish border.

Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world's top exporter.

Saudi Aramco Chief Executive Amin Nasser said there was no doubt Iran was behind September's attacks on Saudi oil facilities, and warned such strikes may continue if there is no concerted global response. However, Brent spot prices have subsequently fallen, reaching 58 dollars per barrel on October 4, as Saudi Arabia restored the shut-in production and concerns about oil demand based on the condition of the global economy rose. OPEC sees total world oil demand averaging 99.8 million barrels a day in 2018 and 100.88 million barrels a day in 2020.