Oil Rebounds as Investors Review Latest Supply News

14 July, 2018, 08:02 | Author: Brooke Harris
  • Oil prices are likely to be weighed down by the trade conflict as investors are concerned about the impact of the tariffs and counter tariffs on global economic growth analysts said. — Reuters pic

Crude oil prices advanced by 1.31 per cent to Rs 5,014 per barrel at the futures trade as speculators increased their positions due to a firm global trend.

Otunuga said it was too early to make any predictions about oil for next year, given the growing uncertainty and various fundamental themes driving prices.

The recovery was prompted by a report from the US Energy Information Administration that US crude oil inventories fell by 12.6 million barrels in the week to July 6, nearly three times the drop expected. The decline was the largest one-day move on a percentage basis since February 9, 2016.

US light crude gained 25 cents to $70.63 a barrel, after falling 5 percent the previous session.

NEW YORK, July 10 (Reuters) - Oil rose on Tuesday, supported by a larger-than expected USA stock draw and supply concerns in Norway and Libya, though gains were tempered by the United States' indication that it would consider requests for waivers from Iranian oil sanctions. The contract climbed 79 cents to $78.86 on Tuesday. The global benchmark traded at a premium of $5.55 to WTI for the same month.

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Futures for September delivery rose 0.4 percent to 506.9 yuan a barrel on the Shanghai International Energy Exchange. "You're seeing some at $70, but we could go down to $64, where we took off from". As well as consumer items, including clothing, television components and refrigerators, the list of goods targeted by the White House also includes petroleum products, such as motor fuels, kerosene and naphtha. Is it big buyers of Iranian crude? The country has emerged as one of the biggest buyers of American oil since the US lifted a ban on crude exports in 2015.

The United States says it wants to reduce oil exports from Iran, the world's fifth-biggest producer, to zero by November, which would oblige other big producers to pump more.

September-loading cargoes are set to be the last to head for Japan if the Asian nation doesn't receive an exemption from the United States, people with knowledge of the matter said. Furthermore, the EIA also revised its expectation of the U.S. Oil demand growth to 330,000 barrel per day in 2019 compared to 260,000 bpd in the previous report.

"The market fell out of bed yesterday as support failed (but was)... probably overdone to the downside", said Robin Bieber, technical analyst at London brokerage PVM Oil Associates.

In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility reduced flows into Cushing, Oklahoma, the delivery point for US futures. In Gabon on the west coast of central Africa, output was halted at several Total SA sites after a strike started on Monday.

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