In fact, there is talk that the USA is going to grant waivers to some buyers of Iran crude as many countries need oil to build up products ahead of winter and the United States is hard pressed to find alternative supply, as product demand was just off a record high for this time of year as total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.4% from the same period last year.
"There are two downward pressures on global oil demand growth".
"This surge has driven the market into oversupply", Jefferies said.
On the other hand, media reports are suggesting that eight countries will be granted waivers for Iran oil imports, which implies the potential for upside oil supply in the market versus expectations, Alan Gelder of Wood Mackenzie separately told CNBC.
USA supply surged by 2.1 million barrels from August 2017, the largest recorded increase in data going back to 1920, according to EIA. The world's speculators- many of them energy experts- seem aggressively bearish on crude.
The Organization of the Petroleum Exporting Countries boosted oil production in October to 33.31 million bpd, up 390,000 bpd and the highest by OPEC since 2016.
Investors are concerned about the prospects for oil supply when new USA sanctions are implemented against Iran on Monday.
IS claims deadly blast targeting Afghanistan's election commission
The suicide bomber was shot by the security forces but that could not prevent him from detonating, said Mujahid. Kandaharians will cast their votes in 173 polling stations across the province.
Plus, it isn't clear how easily - or quickly Iran's crude-oil output can be replaced.
Both Russia and the largely-Arab bloc have worked together for two years in order to stem the 2014-2016 decline in prices and more recently, to force them higher.
Petoro AS, the company that manages the Norwegian government's massive stake in the country's oil and gas fields, warned that the industry's costs could be rising for the first time since crude's collapse in 2014. This is the first time that monthly USA production levels surpassed 11 million b/d. For example, should the world lose Iran's 2.7 million barrels per day, OPEC may not be able to fill the gap.
Monthly crude oil production reached a record high in several states.
"We double down on our Brent crude trade adding a further 137 lots at $72.80, as we hold a strong conviction towards higher prices given the asymmetric risk profile generated from Iranian sanctions in the coming months", says Bart Melek, head of commodity strategy at TD Securities.
Reports said the White House was drafting a trade agreement to be taken up with Beijing during US President Donald Trump and China President Xi Jinping's meeting on the sidelines of the G20 Summit at the end of this month.