Prices fell to a almost eight-month low on Wednesday after the U.S. Energy Information Administration reported the seventh consecutive weekly increase in U.S. crude stockpiles.
The Trump administration on Monday reinstated sanctions on Iran's energy, banking and shipping industries, marking the end of a 180-day grace period the US set for oil buyers to reduce to zero imports from Iran.
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. Trump aims to force Washington's longtime adversary to accept tougher restrictions on its nuclear activity, drop its ballistic missile programme and scale back support for militant proxies in Middle East conflicts from Yemen to Syria.
In Moscow's first official reaction since the restoration of Washington's bans on Tehran, Russian Foreign Minister Sergei Lavrov said on Tuesday that the USA sanctions are "not legitimate".
Both sources were not permitted to talk to the media about Iran sanctions and declined to be identified. Prices slipped further in the hours that followed leading up to Tuesday's data release on the state of crude oil inventories. "I don't want to lift oil prices", Mr Trump told reporters on Nov 5 before flying to a campaign event.
White House Defends Ban on Reporter
Conservatives cheered the administration's decision to bounce Acosta , who never misses an opportunity to attack the president. During the intern's final attempt, as she tried to pull the microphone away, Acosta's hand appeared to briefly brush her arm.
Oil's slide from a four-year high has been fueled by concerns that faltering emerging market economies and a U.S.
WTI Crude prices slipped on Thursday by more than 20 percent from the four-year high hit just last month, entering bear market territory, as oil production in the United States continues to grow, Russian Federation and Saudi Arabia put a lot more oil on the market, while the global economy and oil demand growth are starting to show signs of slowdown.
In the USA, crude production increased to 11.6 million barrels per day last week, the highest level on record, according to Energy Information Administration data. This most recent downward spiral has taken five weeks.
Portfolio managers have been net sellers of 371 million barrels since the end of September, taking their net long position to the lowest level for 15 months, according to records published by regulators and exchanges. At first glance, this would seem improbable, given the way the government is trying to project the temporary waiver from sanctions given to India and seven other countries.
But they may not be happy if crude prices continue to weaken. Will there be any genuine attempts to find common ground with Teheran on 2015 deal reached together with other Western powers to limit Iran's nuclear programme?