Saudi Arabia, Russia Boost Oil Supply by 250000 Barrels in September

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As per to the primary tanker tracking data collected by Bloomberg, the exports of Iran's condensate and crude oil dropped down in last month to 1.72 Million bpd that was down by 260,000 bpd and the lowest level since February 2016.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down by 91 cents, or 1.2 per cent, at $72.26, having also fallen to their lowest since September 27.

Recently, Brent crude futures were dropped by more than 1% in Asia as stated by a survey of S&P Global Platts. They dropped 2.4 percent in the previous session.

Oil prices dropped 2 percent on Wednesday as U.S. equity markets broadly fell, even though energy traders anxious about shrinking supply from Iran due to U.S. sanctions and also kept an eye on Hurricane Michael, which closed almost 40 percent of U.S. Gulf of Mexico oil output.

Oil headed for the biggest 2-day drop since July, with fuels from diesel to gasoline also declining as fears over a worsening trade war rattled markets across the board. Japan's Nikkei 225 was down almost 4 per cent on Thursday.

"There is no cause for alarm", Barkindo said at the Oil and Money conference in London.

"So there is real commitment in the selling ... adding to the idea that we are seeing a turn in the market", he said. The American Petroleum Institute reported that USA crude supplies rose 9.7 million barrels for the week ended October 5, according to sources.

India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases, but is unlikely to cut off completely the cheap Iranian oil that is suitable for its refineries.

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Michael slammed into the Florida Panhandle on Wednesday as a fast-moving, Category 4 storm bringing heavy rains and winds of 155 miles per hour (249 kph) to the US southeast.

In the US Gulf of Mexico, producers had cut output by 40 per cent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement, even as some operators began returning crews to offshore platforms.

Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said.

That storm curtailed more than 90 percent of oil production in the U.S. Gulf of Mexico, more than 1.6 million barrels per day of crude.

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

The oil price rose in the past months due to the U.S. sanctions on Iran.

Crude output lost in the two days of storm shut-ins represents about 9 percent of the US production of 11.1 million barrels per day, according to data from the Energy Information Administration.