Oil prices dip on rising supply and ongoing trade tensions
02 November, 2018, 19:09 | Author: Sara Gill
However, Jahangiri insisted that US claims of Saudi oil replacing Iran's exports are a "lie" and said that oil has climbed from $30 to $80 a barrel and if the USA could stop all Iranian exports, the price would have reached $100.
Brent crude LCOc1 futures fell 28 cents to settle at $77.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 86 cents to settle at $66.18 a barrel, a 1.28 percent drop.
In the previous week ending October 19, WTI and Brent lost 3.7 percent and 1.2 percent, respectively, and WTI and Brent settled at 69.12 USA dollars and 79.78 dollars per barrel, respectively, at the end of the week. WTI slumped to $65.33 a barrel, the weakest since August 17.
In other related news on Monday, the U.S. Energy Information Administration's latest analysis of planned refinery outages for the fourth quarter of 2018 finds that planned outages in the United States are not likely to cause a shortfall in the supply of petroleum products-including gasoline, jet fuel and distillate fuel relative to expected demand, either nationally or within any U.S. region.
Financial markets found some support on Tuesday from reports that U.S. President Donald Trump thinks "a great deal" with China is possible on trade. He did not elaborate.
He pointed to "weakening global economic growth, the ongoing US-China trade war, monetary policy tightening, fears of a hard Brexit (and) Italy's budget woes" as main reasons for the sell-offs. "There's probably an element of truth to that", said Bob Yawger, director of futures at Mizuho in NY.
Oil production from these three producers reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.
That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand. Stockpiles were expected to have risen about 3.7 million barrels in the week ended October 26, a preliminary Reuters poll showed on Monday.
"Serious measures" must be taken by European states to protect the Iranian nuclear deal before Washington imposes the second round of sanctions on November 4, he added. "The market is likely to focus its attention more on fundamental data again, especially with respect to possible supply bottlenecks in the coming months given that strict USA sanctions on Iranian oil exports will come back into force from next week", Commerzbank analysts wrote.
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