Reuters technical commodity analyst Wang Tao said on Friday that "Brent oil may slide further into a range of $68.59-$69.69 per barrel."

That would be the first time Brent has fallen below $70 since April.

Analysts said the main downward price pressure came from rising supply, despite the U.S. sanctions against Iran that were imposed this week, as well as concerns over an economic slowdown.

"As OPEC exports continue to rise, inventories continue to build which is putting downward pressure on oil prices," analysts at Bernstein Energy said.

"A slowdown in the global economy remains the key downside risk to oil," Bernstein added.

Reuters - Oil markets on Friday remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude now down by 20 percent since early October.

Oil prices down 20 percent in a month as fundamentals weaken

early next week can expect some snowball effect. be cautious.

oil in asia mrkt at the moment continue sliding down to 60.63 usd per barrel -0.04 -0.07%

US crude closes in bear market territory, settling at $60.67, down 21% from 52-week high
U.S. crude falls more than 20 percent from its four-year high last month, putting the contract in bear market territory.
U.S. oil output is predicted to break through 12 million barrels per day by mid-2019.
China's October crude imports hit a record 9.61 million barrels per day.

another 11 mil shares done off mrkt @ 0.040 today..

reuters,,, But with Iran sanctions now in place and oil still in ample availability, OPEC-led production cuts next year cannot be ruled out, two OPEC sources said on Wednesday.

"OPEC and Russia may use cuts to support $70 per barrel," said Ole Hansen, head of commodity strategy at Saxo Bank.

"The introduction of U.S. sanctions earlier this week against Iran failed to lift the market given the announcement that eight countries, including three of the world's biggest importers, would receive waivers to carry on buying Iranian crude for up to six months," Hansen said.

Concerns over potential oversupply
Preventing oil prices from rising any further has been a relentless rise in U.S. crude output, which hit a record 11.6 million bpd in the week ending Nov. 2, according to Energy Information Administration (EIA) data released on Wednesday.

That's a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world's biggest producer of crude oil.

More U.S. oil will likely come. The EIA expects output to break through 12 million bpd by mid-2019, thanks largely to a surge in shale oil production.

Meanwhile, U.S. crude inventories rose by 5.8 million barrels in the week ending Nov. 2, to 431.79 million barrels, the EIA said.

Reuters.. .Oil drops to 8-month low, settling at $61.67, as US output hits record, stockpiles rise
Oil prices fell on Wednesday after government data showed a seventh consecutive increase in U.S. crude stockpiles.
U.S. crude inventories rose by 5.8 million barrels in the week to Nov. 2, while the nation's oil production hit a record 11.6 million barrels a day, government data showed.
Russia and Saudi Arabia are discussing oil output cuts in 2019, Russia's TASS news agency reported.

log first.

oil in asia continues sliding down to 61.79 -0.42 -0.68%.. be careful of trap.

just 2 days (7th Nov) ,before the sabah cm hearing..interesting.

crude oil in asia mrkt continue to slide down to 63.32 lvl usdpb -0.37 -0.58%.. so no hurry. US crude falls to 7-month low below $64, deepening October's losses.

lock your profit 1st guys.

baru, one night stand belum lagi one more night.

cnbc....On Sunday, sanctions against Iran exports are scheduled to go back into effect. And, it's unclear how they'll impact oil prices.

"We'll know in a relatively short amount of time whether the sanctions on Iran are really going to bite or not. I think they are to a degree," he said.

Taking that into account, Kilduff believes crude could break out of its slump within weeks and rally from current levels.

"I do see a nice rebound for crude oil as we get into the very end of the year, and the heart of the Northern Hemisphere winter of about $75-plus for crude WTI," Kilduff said.

currently, oil in asia mrkt still trading in red to 65.12 lvl -0.19 -0.29%.. don't chase.

good ,lock your profit 1st.

For now, however, the main focus in the oil market remains on U.S. sanctions and the impact they are having on Iran's oil exports. Washington has said it wants to reduce Iranian oil sales to zero, although this looks unlikely.

Many buyers, including Iran's biggest customer, China, appear to be falling in line, forcing Tehran to store unsold oil on tankers in the hope it can sell the crude once sanctions are lifted.

cnbc...."The energy complex is resuming its downward trajectory," said Stephen Brennock, analyst at London broker PVM Oil. "More of the same is expected in the near-term with sellers still very much on the prowl and intent on pushing prices lower."

A global collapse in equities has roiled oil markets this week as Wall Street had its biggest daily decline since 2011, wiping out all of this year's previous gains.

Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, and economic concerns in Italy.

There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018.

After many months of concern about shortage of supply ahead of U.S. sanctions on Iran, due to begin on Nov. 4, the oil market is beginning to be concerned about possible oversupply and inventories that are rising in many parts of the world.

Saudi Arabia's OPEC governor said on Thursday oil markets could face oversupply by the end of the year.

U.S. stocks fell sharply on Friday as the release of disappointing quarterly results from key tech companies overshadowed strong economy data.

At 9:02 a.m. ET, Dow Jones Industrial Average futures implied a drop of more than 235 points at the open. Meanwhile, the S&P 500 and Nasdaq 100 futures also pointed to steep losses.

Amazon and Google-parent company Alphabet fell 6.8 percent and 4.2 percent in the premarket, respectively, after they released their latest quarterly results. Earnings for both companies topped analyst estimates, but revenues fell short.

if qtr report losses. potential to gap down is there, but good qtr result.. and sellers is diminishing.. what do you expect of the prc movement next week.

itu ramlee, cakap tangan kubung, bukan kudung.

boleh.

no worry,

nice.

European markets open lower amid heightened global growth fears
Oil prices drop as focus shifts to oversupply

currently at 3.00 pm , asia mrkt -crude oil down almost -1% to 66.76 lvl uspb.

US futures indicate more than 300-point drop for Dow on Friday

Reuters - Oil prices eased on Friday and were heading for a third weekly loss after Saudi Arabia's OPEC governor said the market could be heading into oversupply, as growth concerns took a hit with a slump in global equities this week.

Brent crude futures were down 45 cents, or 0.6 percent, at $76.44 a barrel by 0140 GMT. The global benchmark is heading for a weekly loss of 4.2 percent.

U.S. crude was down 56 cents, or 0.8 percent, at $66.77 a barrel. The U.S. benchmark is heading for a 3.4 percent loss this week.

Saudi Arabia's OPEC governor said on Thursday the oil market could face oversupply in the fourth quarter.

"The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks," Adeeb Al-Aama told Reuters.

Saudi Arabia Energy Minister Khalid Al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

Falls in stock markets have roiled oil prices this week as Wall Street had its biggest daily decline since 2011

Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy.

U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week.

Supporting the bearish mood was a report that showed rising inventories at Cushing, Oklahoma, the delivery hub for U.S. crude futures.

Cushing crude stocks rose to 33 million barrels on Tuesday, up almost 1.8 million barrels from the previous week, traders said, citing a report by market intelligence firm Genscape.

friday - uturn time.

soon to be out from indx linked ctrs in this coming review and replace by top glove , probably.

by logic , the one who disposed at 0.075- 0.080 lvl with the same quantum will collect it back at 0.04 to maintain their share % holdings

gradually,, next week continue panjat again

nice

potential to move above 0.20 lvl

throwing not yet over, play smart.

switch pocket to iris

nice

mon next week...ada lagi..

wondering, if local institutional fd mgrs been selling i.e epf and pnb

at least -33% frm 1.52 lvl

pangsai , gamuda style

midas57, will revisit once it touch 2.00 for trading stance.

congrats rogers123.

before accepting, loggerhead first,,awaiting final cough by lge.

bye2..

nice.

nice

jeftng570 , asia crude oil now down -1.65%,, no rush on sapnrg.