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U.S. crude strengthens as dollar slips to four-day low

21 July, 2018, 15:41 | Author: Sara Gill
  • China may boost Iranian oil purchases once US sanctions step into force- Report

They also want to be able to sell oil at a higher price because they will need more revenue and Iran wants to say that if the Saudis and Russians raise production, it could end the historic OPEC/Non-OPEC pact.

West Texas Intermediate crude for August delivery, which expires on Friday, traded at $68.68 a barrel on the New York Mercantile Exchange, down 8 cents, at 08:51 in London.

Brent crude settled up 49 cents at $73.07 a barrel. It rejected as "without basis" any concerns that the kingdom was moving to oversupply world markets.

"The organization's legal team will hold talks in the coming days with law firms including White & Case about the "No Oil Producing and Exporting Cartels Act", one of the people said, asking not to be identified because the information is not public". In recent history, OPEC supply restrictions are having a more limited impact on the commodity thanks to increasing supply from Saudi Arabia, Russia and Libya.

Oil prices went up on Wednesday after official data showed that USA gasoline inventories declined more than expected.

Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions between the U.S. and China stoked fears of damage to their economies and commodities demand.

The suspension also comes amid the prospect that transaction settlements will be made hard because such major banks as MUFJ Bank and Mizuho Bank are considering halting Iran-linked businesses following the USA decision to reinstate sanctions against Tehran.

After sliding lower early on in the session, crude oil futures cut losses and rebounded into positive territory amid high volatility on Thursday.

The South Asian nation is already buying more crude from the USA, data from the Census Bureau and Energy Information Administration show.

The US government is sensitive about hikes in oil prices on the threshold of the country's important by-elections.

US gasoline inventories dropped by 3.2 million barrels last week, while distillate stockpiles, which include diesel and heating oil, declined by 371,000 barrels, the EIA said.

Of course, not everyone is convinced that oil prices are on a steady decline as many (including US president Donald Trump, who wants to give American motorists a break at the pump, and countries such as India with their growing but fragile economies) have called for: Daryl Guppy, a trader an author, told CNBC that technical analysis shows oil heading for a rebound.

"The dollar was a one-way ticket for the last couple of weeks and basically reversed directions, giving us some strong support", said Phil Flynn, analyst at Price Futures Group.

USA crude stocks rose by 5.8-million barrels last week, compared with a forecast of a decline of 3.6-million barrels.

Today, API released its monthly statistical report for June of 2018 highlighting that United States production of crude oil and natural gas liquids hit its highest level ever.

"Japanese oil refiners have been making preparations for lifting plans on the assumption that USA sanctions are to be applied", the president of the Petroleum Association of Japan (PAJ), Takashi Tsukioka, said.


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