Saturday, 17 November, 2018

Oil prices down more than 1 percent on rising supply, trade war

Reuters  File Reuters File
Laurie Berry | 01 November, 2018, 19:46

Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings, and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.

Brent crude futures fell 21 cents to $77.41 a barrel by 12:56 pm EDT (1656 GMT). "The Iranian factor has been put on the back burner and bullish blood will continue to be spilled in the oil market".

US West Texas Intermediate (WTI) crude futures were at $67.59 a barrel, flat from their last settlement.

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.

Prices were pressured as USA inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signaled potential output increases.

"Many countries have shown readiness to do business with Iran" despite U.S. sanction threats, Zarif was quoted as saying, Xinhua news agency reported.

Figures released by investment banks, tanker-tracking firms and the International Energy Agency showed that Iran was selling roughly 1.7 million to 1.9 million barrels per day of crude oil and condensate, a super light form of oil, in September.

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"A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concerns about the November 4 implementation of USA sanctions against Iran", said Ole Hansen, head of commodity strategy at Saxo Bank.

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.

Crude oil futures fell Monday as investors reduced exposure, extending weakness that started a week ago amid increased investor caution in anticipation of a possible economic slowdown, an increase in oil production and a stronger dollar that could make oil more expensive in other currencies.

The mechanism of purchasing oil in Energy Stock Market is that the companies must pay 20% of value before receiving cargo in Kharg oil terminal in the Persian Gulf.

Iran's First Vice President Eshaq Jahangiri has said that Iran is prepared to frustrate the US November 4 sanctions on its crude exports. Protests also broke out in other cities in the country. "Our main enemy, America, faces us with a drawn sword and we have to fight it and we have to unite".

"Part of our economic problems has to do with the (high) rate of exchange of hard currencies, but our foreign exchange reserves are better than in any of the past five years", he said.

Ever since the announcement of sanctions India has conveyed its opposition to the sanctions in a series of meeting including the inaugural 2+2 dialogue in New Delhi and most recently during the visit of U.S. special envoy on Iran Brian Hook.

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