Oil prices higher as U.S. sanctions limit Iran exports
06 September, 2018, 07:44 | Author: Mary Valdez
"The bull party is in full swing this morning as oil prices explode to the upside thanks to a weather-related jolt", said PVM analyst Stephen Brennock.
Brent crude, the global benchmark, was up 0.58% to $78.09 a barrel on London's Intercontinental Exchange.
The Global Oil price fell on Monday with rising supply from the Organization of the Petroleum Exporting Countries and non-OPEC countries like the United States.
Japan's major oil wholesalers are preparing to suspend crude oil imports from Iran in October, amid fears Washington will sanction countries importing Iranian crude, local media reported. USA crude was unchanged at $69.80/Bbl, Kallanish Energy reports.
After the correction, crude oil prices once again started moving up in the last two weeks following the latest EIA report on a surprisingly strong decline in crude oil inventories.
Apart from refiners, shipowners whose vessels help ferry the Middle East nation's supply, insurers who cover those cargoes as well as banks that help process payments for the crude are at risk from the sanctions, further complicating any trade with Iran.
"Iranian production is already showing signs of decline, falling by 150,000 bpd last month".
The high rig count has helped lift United States crude oil production by more than 30 percent since mid-2016, to 11 million bpd.
Traders on Monday apparently also took note of Baker Hughes reporting an increase in USA oil rigs for the first time in three weeks, adding two for a total of 862 rigs.
In all, companies halted 156,907 barrels per day of oil production, according to estimates Tuesday by the U.S. Bureau of Safety and Environmental Enforcement.
The ongoing trade wars between the USA and some of the world's biggest economies, including the European Union and China, could hurt the demand for oil if they aren't settled soon.
Saudi industry sources briefed the market about record oil production in which Aramco was planning to pump 10.6-10.8 million barrels per day (bpd) in June and as much as 11 million bpd in July, the highest in its history. According to Reuters data, some 16 million barrels of oil are still in floating storage around northwest Europe and the Mediterranean, including North Sea crudes such as Forties and Ekofisk, Saudi Arab Light, Algerian Saharan, Russian Urals, U.S. shale and West African grades such as Nigerian Bonny Light and Ghanaian Jubilee.
Thanks to this ever escalating trade war, China's manufacturing growth was at its slowest in more than one year this August.
"Despite this, OANDA's Innes said it was too early to say whether an economic slowdown would put a serious dent on oil prices".
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Saudi Arabia, which is world's second largest oil producer, too is contributing to keep the prices on an upward trend. Fuel prices will be rising once more this morning, with the price of diesel suffering its biggest increase since May.
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