Crude oil futures volatile Friday amid investor risk concerns

Oil prices recover after stock markets plunge

Brent for December settlement was 51c lower at $76.38 a barrel on the London-based ICE Futures Europe exchange, after rising 72c on Thursday.

U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.4 per cent, to end at $67.59 a barrel.

If the group follows through, it could change the outlook of the oil market and reignite criticism from Donald Trump, who has repeatedly called on OPEC to keep prices low.

A global collapse in equities has weighed on oil markets. -China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, and economic concerns in Italy.

City Index market analyst Fiona Cincotta said factors outside the oil market were now leading sentiment.

There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018.

According to Reuters, Saudi OPEC governor Adeeb Al-Aama said the oil market could shift into oversupply in the last quarter of the year and that OPEC may have to return to oil production cuts.

More news: Suspended Aussie cricket star David Warner leaves field after cricket sledge

US crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week.

The Bank of Kunlun which conducts most of China's business transactions with Iran, is planning to stop its involvement with that country's oil exports, in response to the pressure of U.S. sanctions due on November 1, Reuters reported this week.

The great fear of a shortage of global crude is subsiding as Saudi Arabia warned this week that we're in danger of having to manage a surplus.

Saudi energy minister Khalid al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

Beijing has long vowed to defy the revived USA sanctions, but this week a key Chinese export-finance bank and the country's largest state oil refineries indicated that they were pulling back from their business with Tehran.

Bowing to pressure from Washington, Chinese oil majors Sinopec and China National Petroleum Corp (CNPC) have yet to buy any oil from Iran for November because of concerns that sanctions violations could hurt their operations.

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