Oil extends losses as markets fall, inventories climb

Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday

Oil prices fell to two-week lows on Thursday as it extended big losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing US crude inventories rose more than expected. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Refinery crude runs fell by 352,000 barrels per day, EIA data showed, while refinery utilization rates dropped by 1.6 percentage points.

OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy from trade disputes and volatile emerging markets. The contract lost 2.4 percent in the previous session.

The Fund reduced the global economic growth from 3.9 to 3.7 percent. -China tensions. Japan's Nikkei 225 was down more than 4 percent on Thursday.

Barkindo, speaking at the Oil & Money conference in London, said earlier that he wanted to ensure there is no shortage of crude in the market. Overall, I think short-term pullbacks offer buying opportunities and I think that the value hunters will continue to pick up crude oil every time it dips.

US crude inventories USOILC=ECI rose 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.

Says that market is being largely driven by decisions taken outside of OPEC+.

In the United States, almost 40 percent of daily crude oil production was lost from offshore US Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. The cuts represent 718,877 barrels per day (bpd) of oil production.

Goldman Sachs says USA shale oil production can continue to increase by 1 million bpd every year until 2021, according to a new report by the investment bank.

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