Wednesday, 14 November, 2018

Iran Offers Discounted Oil To Asia

Saudi Arabia reins in oil production as demand forecasts waver Trump administration pressure on Tehran forces Iran to start selling discounted oil
Cristina Norman | 15 August, 2018, 19:17

A rise in crude prices triggered by supply uncertainties could dampen demand for oil, the IEA warned.

U.S. West Texas Intermediate (WTI) crude futures were at $67.43 a barrel, down 20 cents, or 0.3 percent from their last settlement.

Brent crude futures were down $1.96 a barrel at $70.50 a barrel by 11:07 a.m. EDT.

Brent, meanwhile suffered its fifth week of declines in six, as investors anxious that global trade disputes, most notably between the US and China, could slow economic growth and hurt demand for energy.

The West Texas Intermediate (WTI) for September delivery decreased 43 US cents to settle at 67.20 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery decreased 20 cents to close at 72.61 dollars a barrel on the London ICE Futures Exchange.

Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos as well as the Russian rouble.

Trade tensions with the USA have weakened currencies in emerging markets as investors pull cash out of countries like India and China and convert it to US dollars, which are still seen as a safe haven.

The report on oil shows gross inconsistency on oil report.

Singapore-based brokerage Phillip Futures said on Monday that "trade protectionism and escalating tensions between the world's largest economies (The United States and China) have cast a looming shadow on global oil demand growth in 2018".

"Crude oil processing increased sharply and reached a record level of nearly 18 million barrels per day last week", said Carsten Fritsch, senior commodities analyst at Commerzbank.

Oil prices slid Monday after inventories at a key United States crude delivery hub jumped last week, adding to demand concerns.

Global oil demand is also rising, but not as fast as supply.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia and Iraq, pumping 3.65 million bpd in July, Reuters data show.

Chinese oil importers now appear to be shying away from buying USA crude oil as they fear Beijing may decide to add the commodity to its tariff list.

The futures markets were further weakened late in the session after data from industry group the American Petroleum Institute (API) showed that US crude stocks unexpectedly rose by 3.7 million barrels the week-ending August 10, compared with analysts' expectations for a drawdown of 2.5 million barrels.

Phillip Futures said that hedge funds had cut bullish bets on oil because of “rising production levels from OPEC and the United States”. Yet, bullish sentiment found some support from expectations that looming US sanctions against Iran could significantly hamper its crude exports. Iran's foreign minister said that the Organization of the Petroleum Exporting Countries (Opec) nation will not meet with USA at the United Nations General Assembly in NY in September, with sanctions on the Middle Eastern nation's oil industry set to be implemented on Nov 5.

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