Oil declined amid doubts producers will agree on a deal to stabilize the market when suppliers meet next month for informal talks. West Texas Intermediate for October delivery dropped as much as 86 cents to $46.78 a barrel on the New York Mercantile Exchange and was at $47.02 at 1:33 p.m. in Dubai. The contract gained 31 cents to $47.64 on Friday, trimming a weekly decline. Total volume traded was about 42 percent below the 100-day average. Prices slid 1.8 percent last week. Brent for October settlement lost as much as 87 cents, or 1.7 percent, to $49.05 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $2.26 to WTI.
U.S. oil futures pulled back on Tuesday after two sessions of consecutive gains, but losses were modest as traders fretted over signs of receding output and braced for the latest weekly U.S. crude inventory data.
Renewed U.S. sanctions on Iran and supply disruptions in Libya and Venezuela have supported oil prices lately, amid data showing growing output from major producers such as Saudi Arabia (a member of the Organization of the Petroleum Exporting Countries) and non-OPEC producer Russia. U.S. sanctions on oil exports go into effect in November, with investors estimating more than 1 million barrels daily being taken off line.
more at: https://www.marketwatch.com/story/oil-tries-to-stretch-gains-to-a-third-session-ahead-of-us-inventory-reports-2018-08-28