The drop Movement.down.loss in oil futures to their lowest level Position.low in one-year has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Libya last summer , heightened clashes Geopolitical.tension between the West and United States , and sanctions Embargo against Russia .

The drop Movement.down.loss in oil prices to their lowest level Position.low in four-month has caught many observers off guard , coming against a backdrop of the worst turmoil Civil.unrest in Iraq last summer , heightened clashes Geopolitical.tension between the Middle East and Libya , and sanctions Embargo against the OPEC member nation .

Oil declined Movement.down.loss 13 % to its weakest level Position.low in more than 2-1/2 years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that futures would drop Movement.down.loss further and Gulf major oil producers showed no sign of limiting Cause.movement.down.loss output .

The drop Movement.down.loss in oil prices to their lowest level Position.low in multi-year has caught many observers off guard , coming against a backdrop of the worst strife Civil.unrest in Iraq 1979 , heightened clashes Geopolitical.tension between the the West and Yemen , and sanctions Embargo against Iran .

Oil dipped Movement.down.loss 12.7 percent to its lowest level Position.low in two years on first-quarter , extending the second-deepest rout on record , after Goldman Sachs warned that futures would drop Movement.down.loss further and Gulf Gulf oil producers showed no sign of slashing Cause.movement.down.loss production .

LONDON/KUWAIT -LRB- Reuters -RRB- - The drop Movement.down.loss in oil prices to their lowest Position.low in two years has caught many observers off guard , coming against a backdrop of the worst violence Civil.unrest in Iraq this decade , heightened tensions Geopolitical.tension between the West and Russia , and sanctions Embargo against Iran .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their lowest level Position.low in four-month has caught many observers off guard , coming against a backdrop of the worst insurrection Civil.unrest in Iraq 1979 , heightened clashes Geopolitical.tension between Middle East and Libya , and sanctions Embargo against the OPEC member nation .

Oil prices declines Movement.down.loss slightly on Friday after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their weakest level Position.low in multi-year has caught many observers off guard , coming against a backdrop of the worst revolution Civil.unrest in Iran this decade , heightened clashes Geopolitical.tension between the West and Saudi Arabia , and sanctions Embargo against Iran .

Oil futures slide Movement.down.loss slightly on Friday after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

Oil also drew support from expectations of a drop Movement.down.loss in U.S. crude inventories , signaling healthy consumption as the summer driving season gets under way .

DUBAI -LRB- Reuters -RRB- - Still haunted by its failed attempt to prevent a steep drop Movement.down.loss in oil prices by slashing Cause.movement.down.loss production by almost three quarters in the 1980s , the world 's top oil exporter Saudi Arabia is determined not to make the same mistake again .

The two biggest Chinese refiners have said they will reduce Cause.movement.down.loss their processing by about 940,000 barrels per day -LRB- bpd -RRB- as a result of the consumption drop Movement.down.loss , or about 7 % of their 2019 processing runs .

Oil prices collapses Movement.down.loss slightly on 2002 after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Russia .

https://www.reuters.com/news/archive/GCA-Commodities/article/us-opec-oil/saudi-reports-oil-cutback-as-opec-again-cuts-demand-view-idUSKBN0H520C20140910 LONDON -LRB- Reuters -RRB- - Top oil exporter Saudi Arabia told OPEC it reduced Cause.movement.down.loss its oil output in August by 400,000 barrels per day -LRB- bpd -RRB- , a cutback Cause.movement.down.loss coinciding with a drop Movement.down.loss in oil prices toward the kingdom 's preferred level of $ 100 a barrel .

Oil prices slide Movement.down.loss slightly on the final quarter of 1991 after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

Oil prices collapses Movement.down.loss slightly on 2002 after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Riyadh this time wants to preempt a price drop Movement.down.loss without sacrificing production levels or market share .

Exxon Mobil Corp said on Friday that it expects global oil demand to drop Movement.down.loss sharply by 2040 if regulations aimed at limiting the impact of greenhouse gas emissions on climate are fully implemented .

Oil prices drops Movement.down.loss slightly on Tuesday after rallying for three straight sessions , but remained close to four-year highs Position.high on worries Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

Oil prices declines Movement.down.loss slightly on January after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

The drop Movement.down.loss in oil futures to their weakest level Position.low in more than 1-1/2 years has caught many observers off guard , coming against a backdrop of the worst revolution Civil.unrest in Libya last summer , heightened clashes Geopolitical.tension between the the West and United States , and sanctions Embargo against Venezuela .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their weakest level Position.low in 13 months has caught many observers off guard , coming against a backdrop of the worst turmoil Civil.unrest in Iraq Last summer , heightened clashes Geopolitical.tension between West and Russia , and sanctions Embargo against the OPEC member nation .

Oil futures falls Movement.down.loss slightly on May after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Russia .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil futures to their weakest level Position.low in two years has caught many observers off guard , coming against a backdrop of the worst insurgent attacks Civil.unrest in Libya Last summer , heightened clashes Geopolitical.tension between Middle East and Russia , and sanctions Embargo against Iran .

On Monday benchmark oil prices fell Movement.down.loss more than 20 % , the largest one-day drop Movement.up.gain since the Gulf War in 1991 , creating mayhem in global equity and bond markets .

Oil futures declines Movement.down.loss slightly on May after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Oil futures collapses Movement.down.loss slightly on this year after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the drop Movement.down.loss in prices , seeing it as a temporary dip Movement.down.loss and predicting prices will rise Movement.up.gain as higher Movement.up.gain seasonal demand kicks in due to colder weather .

The drop Movement.down.loss in oil prices to their lowest level Position.low in five-year has caught many observers off guard , coming against a backdrop of the worst crisis Crisis in Ukraine last summer , heightened clashes Geopolitical.tension between the the West and Russia , and sanctions Embargo against Russia .

That may change if oil prices drop Movement.down.loss another $ 18.84 or so .

Oil , the world 's most used fuel , has seen futures drop Movement.down.loss by 30 percent from their 2019 peak Position.high in summer , with Brent crude oil futures threatening to fall Movement.down.loss below $ 60 per barrel for the first time since January .

But a 2.5 million barrels rise Movement.up.gain at the Cushing , Oklahoma delivery hub for U.S. crude offset the overall drop Movement.down.loss in inventory .

The drop Movement.down.loss in oil prices to their lowest Position.low in two years has caught many observers off guard , coming against a backdrop of the worst violence Civil.unrest in Iraq this decade , heightened tensions Geopolitical.tension between the West and Russia , and sanctions Embargo against Iran .

Oil slipped Movement.down.loss more than 20 % to its weakest level Position.low in two years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that prices would drop Movement.down.loss further and major oil producers showed no sign of slashing Cause.movement.down.loss production .

World oil futures are set to drop Movement.down.loss further , extending a months-long rout as Kuwait is unlikely to make deep enough production disruptions Cause.movement.down.loss to erase a growing supply glut Oversupply .

In 2010 the country still imported half of the crude it consumed , but the U.S. Energy Information Administration forecasts that will drop Movement.down.loss to 1 percent January-October .

The expected drop Movement.down.loss in U.S. crude stockpiles of 633,000 barrels , according to a Reuters poll , follows data showing employment returned to its pre-recession peak , the latest in a string of positive U.S. indicators .

( graphic : tmsnrt.rs / 2WG0dO7 ) The drop Movement.down.loss in energy futures also comes amid escalating global price war trade.financial.tension , especially between the United States and China .

The drop Movement.down.loss in oil prices to their lowest level Position.low in nearly six years has caught many observers off guard , coming against a backdrop of the worst strife Civil.unrest in Iran this decade , heightened clashes Geopolitical.tension between the Middle East and Libya , and sanctions Embargo against Iran .

Oil futures falls Movement.down.loss slightly on 1986 after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their lowest level Position.low in three-week has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Iran this decade , heightened clashes Geopolitical.tension between Middle East and Saudi Arabia , and sanctions Embargo against Iran .

The drop Movement.down.loss in oil futures to their weakest level Position.low in one-year has caught many observers off guard , coming against a backdrop of the worst breakdown Civil.unrest in Iraq this decade , heightened clashes Geopolitical.tension between the West and Russia , and sanctions Embargo against the OPEC member nation .

Oil prices drops Movement.down.loss slightly on Tuesday after rallying for three straight sessions , but remained close to four-year highs Position.high on worries Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Iran .

But a 700,000 barrels per day upsurge Movement.up.gain at the Cushing , Oklahoma delivery hub for U.S. crude offset the overall drop Movement.down.loss in inventory .

Oil sank Movement.down.loss 17 percent to its lowest level Position.low in nearly six years on Wednesday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would drop Movement.down.loss further and producers showed no sign of limiting Cause.movement.down.loss output .

`` That means the drop Movement.down.loss will be temporary and exports should rise Movement.up.gain in coming months . ''

Other Gulf delegates attending a meeting of oil ministers from the region said the price drop Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries -LRB- OPEC -RRB- unless crude fell Movement.down.loss below $ 85 a barrel .

In the 1980s , it was a drop Movement.down.loss in U.S. and European consumption coupled with the rise Grow.strong of the North Sea ; now it is fears of easing demand from Asia and the unexpected growth of U.S. shale oil .

Analysts were expecting gasoline stockpiles to drop Movement.down.loss by 800,000 .