Oil price slashes off by 3 percent, as Iraq brings more supplies

On last Wednesday, prices of oil have fallen by 3 percent, as Iraq is bringing up more supplies that would intensify the battle in OPEC for market share.
It is also reported that U.S. crude stockpiles jumped 6.3 million barrels last week for a seventh week of builds.
Another study shows that tankers with nearly 20 million barrels of Iraqi oil due to sail to the United States in November, almost 40 percent above the amount booked to arrive in October. That would be the largest U.S. monthly import of Iraqi oil since mid-2012.
John Kilduff, partner at New York energy hedge fund Again Capital, said, "You can talk all you want about oil demand being better next year and beyond, but right now we have a heck of a glut on our hands that I think has to be priced in some more."
Brent crude LCOc1 settled down $1.63, or 3.4 percent, at $45.81 a barrel. Its session low of $45.62 was the lowest since Aug. 27. U.S. crude's benchmark West Texas Intermediate (WTI) contract CLc1 settled down $1.28, or 3 percent, at $42.93.
Jim Ritterbusch of Chicago oil consultancy Ritterbusch & Associates stated, "With U.S. commercial crude cover likely to see new 80-year highs by month’s end amidst some indications that the rate of production decline is slowing, our long held view that WTI will be re-visiting the late August lows of $37.75 has been reinforced."
Traders were also worried because the world's largest oil producers, Saudi Arabia and Russia, were still pumping around record levels to maintain market share.
Meanwhile, OPEC member Ecuador stated that the only possible way of balancing market is cutting down production. A lot of more things regarding this were discussed at an Arab-South American summit in Riyadh.