Brent oil prices dips on rising supply, global market woes

02 November, 2018, 19:08 | Author: Kevin Carter
  • Iran US'Lying to the World, Unable to Halt Our Oil Exports

The U.S. said Tuesday it is considering sanctions "exemptions" for countries that have majorly cut their dependence on Iranian oil ahead of a key deadline next week.

The U.S. dollar index rose, supported by strong U.S. consumer spending data.

Front-month Brent crude oil futures LCOc1 were at 77.96 dollars a barrel, up 35 cents, or 0.2 per cent, from their last close.

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 US dollars and 79.78 dollars per barrel, respectively, at the end of the week. Both contracts have fallen about $10 a barrel from four-year highs reached in the first week of October.

Because of the concerns about possible shortage of supply due to US sanctions on Iran, the oil market is also beginning to be anxious about possible oversupply and inventories that are rising in many other parts of the world.

On Wednesday, U.S. oil prices rebounded 0.59 percent on fall of gasoline and diesel stockpiles in the previous week in the United States. The U.S.is said to prepare another round of tariffs on all remaining Chinese imports if talks between the presidents of the two countries fail to ease trade friction.

Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said. He did not elaborate.

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Washington reintroduced sanctions against Iran's currency trade, metals and auto sectors in August after US withdrawal from a multinational 2015 deal that lifted sanctions in return for limits on Iran's nuclear program.

The International Energy Agency (IEA) on Tuesday said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.

Only 280,000 barrels were sold out of one million offered, and went for $74.85 per barrel, more than $4 below the initial asking price. The Baker Hughes report on Friday said US energy firms added oil rigs for a third week in a row, keeping the rig count at its highest in over three years.

In a June tweet Trump wrote that he had spoken to the Saudi King about the need to increase Riyadh's daily oil production to two million barrels due to an unstable situation in Iran and Venezuela and added that King Salman bin Abdulaziz Al Saud had agreed with the suggestion.

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.

U.S. Treasury Secretary Steven Mnuchin said earlier this month that it would be more hard for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the U.S. would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.

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