Oil rises to $73 on report of Russia, Saudi output cut talks

A Chinese vessel approaching beleaguered Iranian tanker Sanchi to help extinguish a fire that started after it collided with a Chinese vessel off China's shores

"I did it a little bit because they really asked for some help, but I really did it because I don't want to drive oil prices up to $100 a barrel or $150 a barrel, because I'm driving them down". The slump has rattled producers, and the Organization of Petroleum Exporting Countries has signaled it may cut output next year - an option that'll be part of talks when the group meets with partners in Abu Dhabi on Sunday. In addition, having initially talked of choking off Iranian shipments to zero, the U.S. waiver decision is expected to limit the fall in Iran's exports.

The drop marks a stunning reversal from last month, when oil prices hit almost four-year highs as the market braced for potential shortages once US sanctions on Iran, OPEC's third biggest oil producer, snapped back into place. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of USA shale oil threatening to unleash a new surplus in 2019.

Pipelines are coming online in the Permian and Cushing is getting filled up again, which pressures oil prices to the downside, Cramer said.

West Texas Intermediate crude futures for December delivery sank $1 to settle at $60.67 a barrel on the New York Mercantile Exchange, the lowest level since March.

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As a result, Apple has reportedly cancelled the production boost that it was likely to give after the smartphone hit the shelves. Someone in Cuba would have to work 608.4 days to afford the iPhone XS and 669.3 days to pay off the iPhone XS Max .

U.S. crude futures lost 50 cents or 0.8% to settle at $US61.71 a barrel, the lowest since the middle of March. WTI settled at US$76.41 a barrel on October 3.

US bank J.P. Morgan said "part of the recent sell-off in oil was due to excessive crude in the physical markets.from elevated production from OPEC whilst Iranian supply was still in the market despite reduction in reported exports". Prices are also on course for a fifth weekly drop, down 4.1 per cent.

Preventing crude from rising further, however, was record U.S. crude production, which hit a whopping 11.6 million bpd in the week ending Nov 2, according to Energy Information Administration (EIA) data released on Wednesday.

With WTI Crude now at $61, and asked if USA oil prices could slide to $50, Cramer said on CNBC's "Squawk on the Street" "I could make a case for the $40s here".

Trump rails against 'rude' media in heated press conference
Acosta held onto the microphone, pulled it back, and continued with his question, saying, "Pardon me, ma'am", to the aide. It is also completely disrespectful to the reporter's colleagues not to allow them an opportunity to ask a question.

"We appreciate that the U.S. recognized the role which this Port will play to bring strategic and long term benefits to Afghanistan as well as enhance Afghanistan's connectivity with the outside world", the MEA spokesman said.

Further out, supplies at Cushing increased by 2.419M barrels, adding to last week's 1.878M barrels build. The other countries allowed to continue importing Iranian crude at present are Greece, Italy, South Korea, Taiwan and Turkey.

Refinitiv data showed Iranian exports have fallen to 1 million barrels per day (bpd) so far in November, down from around 3 million bpd in mid-2018.

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