Oil price drops amid fears over demand

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Oil prices collapse as OPEC sees production outpacing demand

But since May, Opec+ have ramped up output while at the same time the U.S. continued to grow its oil production, which reached a record of 11.6 million bpd earlier this month.

By about 8:20 a.m. ET, the price of West Texas Intermediate, the USA benchmark, was trading at $56.27 a barrel, a gain of 1.04%, while Brent crude, the worldwide benchmark, was up 1.3% at $66.31.

The rebound of oil prices ended a streak of fall with oil prices for 12 consecutive sessions.

OPEC's biggest producer, Saudi Arabia, said on Monday that oil producers need to cut 1 million barrels a day, reversing a June decision to boost supply to contain a price rally.

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The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level. Canada's oil sector is divided over whether to force a temporary cut to production, with some major producers pushing the controversial idea in a bid to ease a supply glut and halt a steep plunge in prices, according to people familiar with the matter.

"We are talking about a cut from everyone, including Nigeria and Libya because their production has exceeded the cap in recent months", one source said.

"If the ban on Iranian crude persists, obviously, it is a blessing to oil producing countries, especially Nigeria, which relies on crude oil exports for more than 70 per cent of its foreign exchange earnings".

Opec has been making increasingly frequent public statements that it will start withholding crude in 2019 to tighten supply and prop up prices.

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"While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive", it added. It may well be the case that Moscow is not opposed to lower oil prices-as it has indicated earlier as well-as they would eventually come to bite into US shale drillers' performance.

Additionally, global oil demand growth has also been hurt by an escalating trade war between the US and China that was instigated by the Trump administration, he said.

The International Energy Agency expects crude and condensate output in Russian Federation to stand at 11.2 million barrels per day this year and to increase up to 11.5 million barrels per day in 2019, according to its Oil Market Report.

That's according to the International Energy Agency.

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"In 2019, non-OPEC oil supply growth was revised up by 0.12 mb/d from the previous month, forecast to stand at 2.23 mb/d and is now projected to reach an average of 62.09 mb/d". Nervous oil traders have not even been calmed by Saudi Arabian efforts to cut shipments by a half million barrels a day.

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