OIL PRICE: NEAR $69

REUTERS -  Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.

Benchmark Brent crude LCOc1 fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October.

Brent dropped $1.52 to a low of $69.13 before recovering to around $69.60 by 1135 GMT, down 4.5 percent for the week and approaching 16 percent this quarter.

U.S. light crude CLc1 fell to an eight-month low below $60 a barrel, hitting a trough of $59.28, down $1.39 and off more than 20 percent since early October. That puts the U.S. contract officially in "bear market" territory, borrowing a definition commonly used in stock markets.

"There is no slowing down the bear train," said Stephen Brennock, an analyst at London brokerage PVM Oil. "Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook."

Oil peaked in October on concerns that U.S. sanctions on Iran that came into force this week would deprive the oil market of substantial volumes of crude, draining inventories and bringing shortages in some regions.

But other big producers, such as Saudi Arabia, Russia and shale companies in the United States, have increased output steadily, more than compensating for lost Iranian barrels.

The United States, Russia and Saudi Arabia are pumping at or near record highs, producing more than 33 million barrels per day (bpd), a third of the world's oil.

The U.S. sanctions, meanwhile, are unlikely to cut supply as much as expected. Washington has granted exemptions to Iran's biggest buyers, allowing them to buy limited amounts of oil for at least another six months.

China National Petroleum Corp said it was still taking oil from Iranian fields in which it has stakes.

Washington has said it wants to force Iranian oil exports down to zero, but Bernstein Energy now expects "Iranian exports will average 1.4 million to 1.5 million bpd" during the exemption period, about half the volume in mid-2018.

"As OPEC exports continue to rise, inventories continue to build, which is putting downward pressure on oil prices," Bernstein said. "A slowdown in the global economy remains the key downside risk to oil."

A glut in the refining sector, where a wave of unsold gasoline has pulled profit margins into negative territory, may also lead to a slowdown in new crude orders as refiners scale back operations.

-----

Earlier: 

2018, November, 7, 11:50:00 OIL PRICE: NEAR $72 YET REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.83 per barrel at 0750 GMT, down 30 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $61.84, down 37 cents, or 0.6 percent.

2018, November, 7, 11:30:00 IRANIAN OIL SELLING SHANA - “The Americans have constantly said they would bring Iran’s oil sales to zero, but l have to say that we have been able to sell oil as much as we need up until today,” Jahangiri noted in remarks on Tuesday.

2018, November, 7, 11:25:00 IRAN SANCTIONS EXEMPTION REUTERS - The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action. Treasury Secretary Steven Mnuchin said Washington aimed to bring Iranian oil exports to zero, but 180-day exemptions were granted to eight importers: China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

2018, November, 7, 11:20:00 TURKEY: NO IRAN SANCTIONS REUTERS - President Tayyip Erdogan said on Tuesday Turkey would not abide by the renewed U.S. sanctions on Iran’s oil and shipping industries, adding that they were aimed at “unbalancing the world”

2018, November, 5, 12:25:00 OIL PRICE: NEAR $72 REUTERS - Brent crude oil LCOc1 was down 30 cents a barrel at $72.53 by 0815 GMT. U.S. light crude CLc1 was 30 cents lower at $62.84 a barrel.

2018, November, 5, 12:10:00 RUSSIA'S HELP TO IRAN FT - Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington.

2018, November, 2, 12:20:00 OIL PRICE: NOT ABOVE $73 REUTERS - Front-month Brent crude futures were at $72.88 per barrel at 0737 GMT on Friday, 1 cent below their last close. They first fell on Friday on surging supplies, before rising with global markets and then dipping again on the back of the reported Iran sanctions waivers. U.S. West Texas Intermediate (WTI) crude futures were down 33 cents, or 0.5 percent, at $63.36 a barrel.