Oil futures slide over 1% in American trade

Oil futures fell over one percent even as the dollar index lost ground for the second straight session, following an array of data from China and the US, the world's largest energy consumer, and after OPEC Secretary General Muhammad Barkindo's earlier remarks, and the latest developments in Kurdistan. 

As of 05:57 GMT, US crude futures due on November 15 slid 1.27% to $51.38 a barrel from the opening of $52.04, while Brent crude futures due on December 15 swooned 1.55% to $57.25 a barrel from the opening of $58.15, as the dollar index dipped 0.18% to 93.20 from the opening of 93.36. 

Earlier data from the China, the world's second largest energy consumer, showed the seasonally adjusted reading for third quarter GDP with a 1.7% growth rate in line with expectations, down from 1.8% in the second quarter, while on a yearly basis, growth slowed down as well to 6.8% to 6.9%, as both retail sales and industrial production accelerated in September. 

Otherwise, earlier US data showed unemployment claims down to 222 thousand from 244 thousand, below expectations of 240K, while the Philly manufacturing index jumped to 27.9 in October from 23.8 in September, besting expectations of 21.9, as the CB leading index dipped unexpectedly in May, and finally, President Donald Trump is scheduled to meet with Federal Reserve Chair Janet Yellen later.

In earlier remarks, OPEC's Barkindo said the oil market is near balance, and global demand is rising strongly, pointing to several indicators of continuous growth in the next period, specifically expecting one million bpd of demand growth by 2020. 

Otherwise, Iraqi oil ministry spokesman said Iraq intends to increase exports from the Kirkuk oil fields, putting the current output figure at 300 thousand bpd, and noting the ministry has partnered up with several global companies in that regard, however the recent instability in the region forced the government to delay action. 

The spokesman said Iraq intends to increase Kirkuk oil exports to one million bpd, adding that the ministry is currently conducting survey on the infrastructure to asses the situation and carry out its plans. 

On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a drawdown of 5.7 million barrels in the week ending October 13, adding to a 2.7M drop in the previous reading, while analysts expected a 4.7M decline, with total stocks now reaching 456.5 million barrels, remaining within the uppermost range on average in this time of year. 

Additionally, gasoline stocks in the world's largest energy consumer rose 0.9 million barrels, remaining within the uppermost range on average in this time of year, while distillate stocks, including heating fuel, rose 1.5 million barrels, remaining within the downward range on average in this time of year.