For the week ahead, Stratas Advisors expect prices to continue to decline on persistent demand concerns and ample supply.
Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Oct. 20.
Oil markets have lost 2 million barrels per day (MMbbl/d) of crude supply this year due to security and political issues but are more concerned about slowing demand, a senior executive at French oil and energy group Total said on Oct. 18.
The system consists of new crude oil and condensate pipelines located in the Marten Hills region of north-central Alberta.
For the week ahead, Stratas Advisors expect Brent to average $58/bbl as enthusiasm about a trade deal wanes.
Oil prices jumped more than 2% on Oct. 11 after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.
U.S. crude stocks rose last week as refineries cut output to the lowest level in nearly two years and production edged higher to a record of 12.6 million barrels per day, the EIA said on Oct. 9.