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According to Dow Jones on October 30, James Davis, director of Fischer's Global Energy Consulting, said that stronger than expected crude oil production in Venezuela and Libya caught the oil market by surprise, causing U.
S.
crude oil exports to flatten.
This, in turn, led to more U.
S.
crude remaining into inventories
, he said.
Davis also said lower refinery margins were also weighing on crude demand
.
U.
S.
sanctions on Iran won't take effect until next week, but the crude market is likely to see its worst monthly performance
in a while.
According to Dow Jones on October 30, James Davis, director of Fischer's Global Energy Consulting, said that stronger than expected crude oil production in Venezuela and Libya caught the oil market by surprise, causing U.
S.
crude oil exports to flatten.
This, in turn, led to more U.
S.
crude remaining into inventories
, he said.
Davis also said lower refinery margins were also weighing on crude demand
.
U.
S.
sanctions on Iran won't take effect until next week, but the crude market is likely to see its worst monthly performance
in a while.
