Monday, 16 July, 2018

Oil price hit by trade war fears

Oil Prices Rise as US Drilling Slows Oil rises on lower US drilling activity, but rising Russia output weighs
Scott Davis | 08 April, 2018, 02:15

United States storage dropped by 4.62 million barrels to 425.3 million barrels last week, while outbound shipments of crude expanded to a record, according to an Energy Information Administration report yesterday.

Giovanni Stauvano, a commodity analyst at UBS, told UPI that oil "seems to be caught" between a stronger US dollar and concerns on the potential trade war.

Futures in NY slipped 0.4% after climbing 0.8% on Tuesday.

Oil held above $63 a barrel on cautious optimism that the market will re-balance as OPEC production falls, while investors keep a wary eye on USA supplies.

Front-month London Brent crude for June delivery was up 20 cents, or 0.3 percent, at $68.22, having ended down 10 cents.

The West Texas Intermediate for May delivery fell 0.14 USA dollar to settle at 63.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.10 dollar to close at 68.02 dollars a barrel on the London ICE Futures Exchange. Movements in the equities markets have spilled over recently into commodities.




But BNP's Mr. Tchilinguirian said the oil market may likely "look past" any inventory data until the implications of the U.S. Output from the Organisation of Petroleum Exporting Countries dropped to the lowest in a year in March.

Oil prices headed higher on Thursday after reports out of the United States showed a drawdown in USA crude stockpiles that analysts did not expect.

Crude oil prices lacked clear direction in early Thursday trading as markets balanced between declining USA inventories and potential trade war fears.

The gasoline stocks fell by 1.1 million barrels, compared with analysts' expectations for a 1.3 million barrels drop.

Despite their numbers, Russian Federation and Saudi Arabia say they will set up a joint mechanism to govern OPEC and NOPEC cooperation will be set up by the end of the year, with talk at an energy conference in Baghdad suggesting that the supply freeze may have to be extended, instead of cut short.

The decline in USA stockpiles has boosted optimism that surging shale output may not thwart Opec's efforts to drain a glut.

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