Crude oil sells at $78.24 as output peaks

05 September, 2018, 12:56 | Author: Billie Castillo
  • India and China’s combined purchases of Iran oil will decline to almost 1 million barrels a day from about 1.3 million because of the US sanctions

Crude oil prices steadied Monday, weighed down by rising supply from OPEC and the USA, but supported by concerns falling Iranian output will tighten markets once US sanctions begin in November.

Brent crude, the global benchmark, was up 0.58% to $78.09 a barrel on London's Intercontinental Exchange.

U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.

President Hassan Rouhani said Tuesday that Iran will continue exporting crude oil despite USA efforts to stop it through sanctions. The country's oil production already was down by 150,000 barrels per day, due to importers of that oil moving away from taking Iranian shipments.

"All of Iran's oil customers are affected by increasing United States pressure to halt purchases, even as they request for concessions to cope with the consequences", said Den Syahril, a senior analyst at industry consultant FGE.

U.S. President Donald Trump in May pulled out of the 2015 nuclear deal with Iran and nearly immediately began reimposing sanctions against Tehran. That followed U.S. President Donald Trump urging the group to act to prevent further rises. Emirates NBD Bank analyst, Edward Bell has the same opinion. 4 that oil markets had changed since 2017 when worries about rising supply were more evident.

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Output from the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) rose by 220,000 barrels per day (bpd) between July and August, to a 2018-high of 32.79 million bpd, a Reuters survey found.

"With the anticipation of up to 1.5 million barrels per day affected by the US sanctions on Iran, one would expect prices to move higher in the weeks ahead", said Stephen Innes, of futures brokerage OANDA.

"Exports from OPEC's third-biggest producer are falling faster than expected and worse is to come ahead of a looming second wave of US sanctions".

"It isn't at all clear that such type of economic headwinds will topple oil prices given ... the constant barrage of supply outages", Innes said.

Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 percent since the middle of August.

Thanks to this ever escalating trade war, China's manufacturing growth was at its slowest in more than one year this August.

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