Reuters: Oil edges higher on supply worries; eyes on trade talks

09:00, 08 October 2019
Economy
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REUTERS

Brent crude rose 38 cents, or 0.7%, to $58.73 a barrel by 0344 GMT, while U.S. West Texas Intermediate (WTI) crude was at $53.08, up 33 cents, or 0.6%, Reuters said.

Protests in Iraq and Ecuador over poor economic conditions are threatening to disrupt output from the members of the Organization of the Petroleum Exporting Countries (OPEC).

Read alsoReuters: Oil steadies in rebound after jitters over economic outlook, U.S. inventories

The death toll has climbed after a week of unrest in Baghdad, capital of the second largest OPEC producer.

In Ecuador, protests against austerity measures could reduce the Andean producer's crude output by 59,450 barrels per day, the country's energy ministry said late on Monday.

Ecuador, one of the smallest OPEC members, is pulling out of the bloc next year because of fiscal problems.

In the United States, crude inventories probably grew for a fourth straight week while distillates and gasoline stocks likely fell last week, a preliminary Reuters poll showed on Monday.

Separately, Russia, the world's second-largest oil producer, has joined the ranks of swing producers as it could increase production fairly quickly by 0.3-0.5 million barrels per day, or 0.3-0.5% of global supply, if Saudi Arabia's production problems were to last longer than expected, Russian Energy Minister Alexander Novak told Reuters.

Saudi Arabia, the world's top oil exporter, has resumed production after an attack on its facilities on Sept. 14 cut its output by half.

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