India defies USA sanctions pressure; allows state refiners to use Iran tankers

06 September, 2018, 13:55 | Author: Brooke Harris
  • Crude Oil Market Focuses On Supply Risk Not Trump Threats As Oil Sees Monthly Gain

LONDON-Oil prices started September higher Monday as investors refocused on looming risks to Iranian supply, despite signs of rising output from the U.S.

Brent crude, which traded on Monday, was up 20 cents at $78.35 a barrel, down from a session high of $79.72.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.47 per barrel at 0031 GMT, down 25 cents, or 0.4 percent, from their last settlement.

Many analysts have warned that an economic slowdown because of trade disputes between the United States and other major economies including China and the European Union would drag on oil demand.

The Trump administration has also threatened to impose "secondary sanctions" on the countries which will not follow its diktat on oil import embargo.

US sanctions against Iran, however, prevented prices from falling further as they are expected to tighten the market after being implemented from November, traders said.

Meanwhile, there are concerns that US sanctions against Iran, which will target the OPEC-member's oil industry from November, will tighten global supply.

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Pressure is growing on buyers of the country's crude after U.S. President Donald Trump announced in May that sanctions would be fully reimposed from November 4. In fact, the USA has increased oil production by 30% since the middle of 2016 to its current rate of 11 million barrels of oil per day.

The overall volume of the crude oil and condensate that is an ultra-light produced from the field of natural gas is estimated for 64M barrels (2.06M barrels/day), in against to the peak of 92.8M barrels (3.09Mbarrels/day). US crude CLc1 was 30 cents higher at $70.10.

The world's top oil buyers are discovering that USA sanctions on Iran will squeeze their trade flows whether they agree with America or not.

Given that China and emerging markets more broadly are key demand growth areas for oil markets, analysts said crude prices had come under downward pressure.

"The oil market is expected to trade within the current range".

Granted, oil closed the month of August higher, with Brent up 4.3 percent for the month, and WTI up 1.5 percent, but going forward, those gains could be pared by growing trade war concerns and economic fallout from increased tariffs between the world's two largest economies.

The bank also said it expects Brent to average at $75 per barrel, a huge jump from its prior prediction of $55 per barrel.

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