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Brent crude, the worldwide benchmark, is trading at about US$49 a barrel compared with US$99 a year ago. “This is all post-Fed fallout”, Mr. Flynn said.

The lower CPI could lead to the Federal Reserve deciding to not raise interest rates this month.

Oil traded steady to higher on Tuesday, buoyed by gains on Wall Street that helped prices rebound after a tumble in the previous session, ahead of an industry report that’s expected to show if US crude stockpiles have fallen after weeks of gains.

The cartel has upped its expectation for oil demand growth this year by 84,000 barrels per day to 1.46 mn bpd, but revised its forecast lower for next year by 50,000 bpd to 1.29 mn bpd.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because USA oil production is slipping faster than expected.

The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because US oil production is slipping faster than expected.

Oil prices fell on Monday as weaker than expected Chinese data weighed on markets, adding to concerns that declining global demand would worsen a surplus of crude.

The Chinese market collapse, downgrading of Brazil’s credit rating, Russian recessionary concerns, and the South African economic slowdown will curb the demand for crude oil in the long term in the oversupplied crude oil market.

OPEC said it expected demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.

Cheap fuel is also hooking consumers, with oil demand growth set to hit a five-year high this year, it added.

The Wall Street Journal is reporting that “China’s government’s official purchasing managers index (out Tuesday) fell to 49.7 in August-its lowest reading in three years“.

Besides, higher supplies from the major producing areas and weak trend at overseas market weighed on crude palm oil prices.

The project was part of Iran’s bid to establish 5,000 megawatts of renewable capacity in the country.

Specialists and businessmen alike have stated OPEC must restrict manufacturing to regulate the worth of oil to maintain costs from persevering with to drop whereas some authorities have continued to say the worth will bounce again.

Saudi policymakers insist the kingdom will maintain its market share and let low prices take care of the surplus by forcing cuts from higher cost producers and stimulating fuel demand.