Friday, 16 November, 2018

Iran denies selling crude oil via Russian Federation amid U.S. sanction pressures

Oil price falls to $75 from high of $86 Oil prices fall on signs of rising supply, economy worries
Orlando Vargas | 03 November, 2018, 02:03

China's imports of Iranian crude tumbled 41.6 percent in September from a year earlier to 458,000 bpd, according to oil flow data on Refinitiv Eikon.

The TD Securities team have been betting on an increase in the price of oil ever since the middle of October, having bought close to $10 million of futures contracts a fortnight ago, targeting a move up to $90 per barrell.

"Oil prices look to remain under pressure, as fears of global oversupply have returned with a vengeance", said Ashley Kelty, oil and gas research analyst at Cantor Fitzgerald Europe. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once U.S. sanctions are imposed.

Investors are concerned about the prospects for oil supply when new USA sanctions are implemented against Iran on Monday.

The International Energy Agency (IEA) said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.

"The market's reaction isn't strongly negative because the US administration hasn't actually gone soft on Iran", said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA.

Brent has declined from a 2018 high of $86.74 in early October amid growing concern over a possible slowdown in global growth as the U.S-China trade dispute heats up and hits emerging market economies in particular.

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Brent crude oil was up 5 cents a barrel at $72.94 by 1235 GMT.

Crude oil prices slipped on Wednesday, extending recent slide, as data from U.S. Energy Information Administration showed crude stockpiles increased last week, rising for a sixth successive week.

However, the effects of the USA withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.

The focus now remains on the USA jobs report for fresh impetus on the USD-sensitive commodity ahead of the U.S. rigs count data release. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound.

The 15-member producer cartel of the Organisation of the Petroleum Exporting Countries (OPEC) boosted oil production in October to the highest since 2016 at 33.31 million barrels per day (bpd), a Reuters survey found this week. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss.

Adequate oil supply and an uncertain global economic outlook also dampened sentiment.

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