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Oil Prices Go Up Before Supply Data

26 August, 2018, 20:50 | Author: Sara Gill
  • Oil Prices Gain on Falling U.S. Inventories

Brent crude oil futures were at $74.93 per barrel at 0245 GMT, up 20 cents, or 0.3 per cent, from their last close.

A weaker dollar makes oil less expensive for buyers using other currencies.

Crude oil prices were in rally mode before the start of USA trading after signs of another drain on domestic oil and gasoline inventories.

Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming U.S. sanctions against Iran, which will target oil exports from November.

"As the U.S. continues to mount pressure on its allies to prescribe to unilateral sanctions on Iran, Iran's major energy customers, including China and India, have indicated their defiance to the US's request", law firm Zaiwalla and Company Managing Partner said in a statement.

It will be tough for India to import crude oil from other sources with high import costs in the presence of weak Indian rupee. Saudi Arabia told Opec it cut supply in July, rather than increasing output as expected.

Still, a trade standoff between the USA and China that could imperil global economic growth and weaken energy demand continues to weigh on crude prices after negotiations in Washington this week failed to progress. At the beginning of August, oil prices started their longest weekly losing streak in three years.

Over the past four weeks, crude oil imports averaged 8.05 million barrels per day, 2.2 percent lower than the same four-week period previous year. USA light crude was 60 cents higher $68.43, heading for a gain of 3.8 percent this week.

Both oil benchmarks saw low liquidity during early trading on Friday.

The sufficient supply of West African crude cargoes has been limited by a slowdown in oil demand from Asia, having little to no effect on global oil prices.

Official government data from the Energy Information Administration is due Wednesday, and could show a 2 million barrel decline in crude stocks, according to a survey of oil analysts conducted by The Wall Street Journal.

Chinese ship owners are no longer accepting Iranian oil and its using its own tankers to supply oil to top USA customers as the impending American sanctions are expected to disrupt worldwide trade. It came second to the USA port district of Chicago, at 19 percent.



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