Friday, 16 November, 2018

Brent oil prices dips on rising supply, global market woes

Iran US'Lying to the World, Unable to Halt Our Oil Exports Iran US'Lying to the World, Unable to Halt Our Oil Exports
Orlando Vargas | 02 November, 2018, 19:06

"Oil prices have fallen in the past two weeks, and the lower prices do not come as discounts", he said. The price of the West Texas Intermediate (WTI) for December delivery and Brent oil price for December delivery lost 1.58 percent and 2.2 percent, respectively, during the week ending October 26.

Earlier in the session, Brent reached a session low of $75.09 a barrel, while WTI slumped to $65.33 a barrel. WTI slumped to $65.33 a barrel, the weakest since August 17.

The administration of US President Donald Trump is preparing to launch a series of sanctions against Iran from November 4 in which a universal ban on the country's oil exports appears to be a primary objective.

A well-supplied market will keep prices down. But on Monday, trying to dismiss such concerns, Saudi Arabia's Energy Minister Khalid Al-Falih said that "there is no intention" for such action, and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.

On Friday, crude oil futures ended up $0.26, or 0.4%, at $67.59 a barrel.

Crude oil futures "are notably weaker as investors continue to grow concerns over global growth prospects, while the strength in the USA dollar has also added to the bearish sentiment in the energy complex", DailyFX analyst Justin McQueen told UPI. -China trade dispute. US light crude dropped 95 cents, or 1.4 percent, at $66.09.

"The negative outlook on global growth, which had been spurred by the U.S". WTI gained 0.39 USA dollar to settle at 66.82 dollars a barrel, while Brent further decreased 0.27 dollar to 76.17 dollars per barrel.

"The sanctions, more than harming us, would be hurtful to the USA; Trump policies have raised the global oil prices which would not be to our loss, and we have been able to find new customers for our oil", Gholamali Jafarzadeh, a member of Iranian parliament, told the Iranian oil ministry's news service Shana on Sunday.

Meanwhile, gasoline and distillate fuel inventories fell 4.8 million barrels and 2.3 million barrels, respectively, which bolstered oil prices.

Brent crude oil futures were down 8 cents, to $77.54/Bbl at 1:38 p.m. ET, dropping roughly 6.3% this month, and threatening to post the worst decline also since July 2016. But the spread would narrow to 4 dollars per barrel by December 2019. One is high oil prices, and in many countries they're directly related to consumer prices.

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"Saudi Arabia's production has reached 10.7 million barrels per day this month and we could increase production to 12 million barrels per day".

Later, 280,000 barrels were traded in IRENEX at $74.85.

Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said.

Other analysts were verbose in explaining the relatively straightforward scenario that despite persistent doomsday prediction from their own ranks, the crude market is well supplied and every indication is that it will continue to be so, thus effectively keeping a lid on prices.

However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent.

Last week, CEO of the National Iranian Oil Company (NIOC) Ali Kardor had said the country would soon start offering oil for exports via its national stock exchange.

On May 8, President Donald Trump announced he was pulling the United States out of the 2015 Iran nuclear deal and promised to hit Tehran with sanctions on the country's energy oil and financial sectors despite objections from other parties to the agreement. However, oil futures lost about 2.4% in the week, settling lower for a second straight week. Saying that the United States won't sell crude oil from the Strategic Petroleum Reserve (SPR), Secretary Perry also noted that he was "comfortable that the world supply can absorb the sanctions that are coming".

In the coming weeks, traders keep a close eye on US sanctions on Iranian crude exports.

Prices were pressured as US inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signalled potential output increases.

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