Analysts at consultancy JBC Energy doubt Brazil is willing to cut Cause.movement.down.loss exports sharply on its own given fears Negative_sentiment over market share and the strength of demand , as well as OPEC 's ability to agree a swift collective drawdown Cause.movement.down.loss .

However , Venezuela has been hesitant to commit to the additional cut Cause.movement.down.loss , while Saudi Arabia wanted major oil producers to agree a quick oil processing cut Cause.movement.down.loss .

However , Venezuela has been hesitant to commit to the additional cut Cause.movement.down.loss , while Saudi Arabia wanted major oil producers to agree a quick oil processing cut Cause.movement.down.loss .

The IEA cut Cause.movement.down.loss its estimate of demand for OPEC crude .

However , this is expected to cut Cause.movement.down.loss only 2.5 million barrels per day -LRB- bpd -RRB- , or about 2 percent , off global oil demand by that time .

Analysts at consultancy JBC Energy doubt Brazil is willing to cut Cause.movement.down.loss exports sharply on its own given fears Negative_sentiment over market share and the strength of demand , as well as OPEC 's ability to agree a swift collective disruption Cause.movement.down.loss .

Analysts at consultancy JBC Energy doubt Nigeria is willing to cut Cause.movement.down.loss exports sharply on its own given worries Negative_sentiment over market share and the strength of demand , as well as OPEC 's ability to agree a swift collective disruption Cause.movement.down.loss .

A boom Grow.strong in economic growth in Europe or another output cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

The reports came after OPEC 's Secretary General Mohammad Barkindo noted last week comments from both Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin that suggested they were in favor of a nine-month extension for the current deal to cut Cause.movement.down.loss production by 1.8 million barrels a day .

OPEC also refused last week to cut Cause.movement.down.loss production to bolster Cause.movement.up.gain prices , sending Brent crude prices to a five-year low Position.low this week .

`` The big mistake was that they continued to cut Cause.movement.down.loss production to try to prop Cause.movement.up.gain the prices and the price fell Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

But the biggest hit across the sector in Europe will be the spike Movement.up.gain in diesel and gasoline deliveries , which will cut Cause.movement.down.loss into the margins they can expect from their own production .

It has already cut Cause.movement.down.loss selling prices to retain Asian customers .

In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also cut Cause.movement.down.loss its forecasts for demand for OPEC crude this year and next , pointing to a supply surplus Oversupply of more than 1 million bpd in 2015 if OPEC keeps output at current levels .

A rise Grow.strong in economic growth in Europe or another supply cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

Saudi Arabia is likely to `` micromanage '' supplies at it has for a number of years , Ciszuk said , but it was unlikely to push for an official OPEC supply cut Cause.movement.down.loss .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the falling Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the boom Grow.strong boom Grow.strong in U.S. shale oil and gas output .

Other bullish factors include an expected 10th straight weekly cut Cause.movement.down.loss in U.S. inventories when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production curbs Cause.movement.down.loss beyond 2019 .

As the latter program has been sharply cut Cause.movement.down.loss since the start of the month , such increases Movement.up.gain are likelier to pass through into demand than earlier in the summer , when a more generous support regime kept consumer incomes largely intact .

Saudi Arabia has also cut Cause.movement.down.loss production more than pledged , giving it room to increase Movement.up.gain output without violating the agreement .

Oil futures have fallen Movement.down.loss due to concern Negative_sentiment about softening Slow.weak consumption and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will cut Cause.movement.down.loss output .

OPEC 's cut Cause.movement.down.loss is 800,000 bpd , to be delivered by 11 members - all except Iran , Libya and Venezuela .

The Organization of the Petroleum Exporting Countries last week announced an agreement to cut Cause.movement.down.loss output by 1.2 million barrels per day that will effect from January 2017 .

Kiernan said that the EIU had cut Cause.movement.down.loss its forecast for global economic growth to 2.6 % from 2.7 % for 2019 .

But the biggest hit across the sector in Europe will be the increase Movement.up.gain in diesel and gasoline exports , which will cut Cause.movement.down.loss into the margins they can expect from their own production .

LONDON ( Reuters ) - Brent crude oil appreciated Movement.up.gain towards $ 61.25 a barrel on June on fears Negative_sentiment that escalating crisis Crisis in Ukraine could cut Cause.movement.down.loss oil supplies from the major OPEC exporter .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

U.S. employment data crumbles Slow.weak with the euro zone , where Germany 's Bundesbank this week cut Movement.down.loss its Monday growth forecast for Europe 's largest economy to 1 percent .

The U.S. Energy Information Administration cut Cause.movement.down.loss its global oil demand growth estimate for 2015 by 240,000 barrels per day -LRB- bpd -RRB- to 880,000 bpd .

Last week analysts at Credit Suisse cut Cause.movement.down.loss their 2016 Brent oil price forecast to $ 93 a barrel , the second-lowest among analysts polled by Reuters .

In the report , OPEC also cut Cause.movement.down.loss its 2014 global oil demand growth forecast for a third straight month .

After soaring Movement.up.gain above $ 19 a barrel on Tuesday , oil prices fell Movement.down.loss back last night to $ 18.84 in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production next month .

Travel restrictions to and from China and quarantines have cut Cause.movement.down.loss fuel usage .

While the plunge Movement.down.loss has rekindled speculation that the Organization of the Petroleum Exporting Countries -LRB- OPEC -RRB- may need to cut Cause.movement.down.loss output for the first time in six years when it meets next month , some analysts are looking much further ahead .

Oil futures added Movement.up.gain sharply on Thursday with Brent crude soaring Movement.up.gain $ 66.56 for the first time since October on concerns Negative_sentiment that conflict Civil.unrest in Iraq could cut Cause.movement.down.loss supplies .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

The sanctions Embargo are aimed at forcing companies and countries around the world to cut Cause.movement.down.loss oil imports from the Islamic Republic .

After surging Movement.up.gain $ 104.76 a barrel on this month , oil prices declined Movement.down.loss back the final quarter of 1991 to $ 10 in spite of an announcement by Iran that it would cut Cause.movement.down.loss its processing 1980s .

By Catherine Ngai NEW YORK -LRB- Reuters -RRB- - Global oil prices slid Movement.down.loss further on Friday , with Brent on track for the first weekly close below $ 70 a barrel since 2010 , as strong Grow.strong U.S. employment data did little to lift the oil market 's bearish Slow.weak mood a day after Saudi Arabia cut Cause.movement.down.loss official selling prices .

`` The big mistake was that they continued to cut Cause.movement.down.loss supply to try to boost Cause.movement.up.gain the prices and the price dropped Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .