OPEC's Mohammad Barkindo says very concerned about spare oil capacity

Pumpjacks pump crude oil near Halkirk Alta

Pumpjacks pump crude oil near Halkirk Alta

But on Tuesday, the price of Brent crude went down by 44 cents or about half a percent; to reach 84.56 dollars a barrel.

Again, U.S. West Texas Intermediate (WTI) crude was down by 41 cents, also about half a percent, to 74.55 dollars a barrel, after rising almost 1 percent in the previous session.

Oil prices edged lower on Wednesday after the International Monetary Fund lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of almost 40 percent of US Gulf of Mexico crude output. The global benchmark has retreated after hitting a four-year high of $86.74 on October 3.

Technology shares tumbled on fears of slowing demand and concerns about U.S.

Barkindo, speaking at the Oil & Money conference in London, said earlier that he wanted to ensure there is no shortage of crude in the market.

Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said. On Thursday, the Energy Information Administration reported a 6 million barrel increase in crude inventories from the previous week.

Says that market is being largely driven by decisions taken outside of OPEC+.

"The significant increase in crude oil inventories is a reflection of refineries going down for maintenance", said Andrew Lipow, president of Lipow Oil Associates. Analysts had expected an increase of 2.6 million barrels.

In the U.S. Gulf of Mexico, producers were checking production platforms and beginning to return crews to more than 90 offshore facilities evacuated this week as Hurricane Michael moved through the Gulf.

Industry and government data on US crude inventories will be delayed by one day this week because of Monday's US Columbus Day holiday. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, "down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total USA production", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

The facility is the only United States port able to fully load and unload tankers with a capacity of 2 million barrels of oil.

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