Oil settles higher in volatile pre-holiday session
Oil settles higher in volatile pre-holiday session
Iran Warns Trump's Oil Ban Is 'Self Harm'
09 July, 2018, 00:37
Even though the press he gets is usually negative, there's no denying USA president Donald Trump's effortless ability to garner attention, especially when he tweets; and his latest on-line demands for the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil prices has caused Iran to launch a counter-offensive by declaring that his intention to stop Iranian exports will merely hurt his own economy. The president said the USA defends manyOPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands.
In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.
"With contentious midterm USA elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.
Hossein Kzempour Ardebili said in the wake of Trump's latest criticism of OPEC that the president's tweets "have driven the prices up by at least $10 per barrel". "Pls stop it, otherwise it will go even higher!"
US West Texas Intermediate crude futures were down 16 cents, or 0.2 percent, at.98 per barrel.
Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of past year, amid a structural underinvestment in the country.
Although Saudi Arabia and Russian Federation have said they would raise output to make up for disruptions, FGE said "there simply is not enough capacity to make up for Iran's crude losses, plus Venezuela and Libya", and warned of the possibility of oil prices rising to $100 per barrel.
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The White House said Saturday that King Salman had promised President Donald Trump that he would raise oil production if needed. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.
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The decline in fuel inventories was largely down to the outage at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta.
Saudi Arabia also said it would reduce the official selling price of its August barrels.
Brent crude futures lost 85 cents to settle at $77.39 a barrel.
The recent strength in oil prices has, in part, been spurred by a USA announcement that it plans to re-introduce sanctions against Iran, Opec's third-largest producer, from November, targeting oil exports.
OPEC and its allies, namely Russian Federation, had agreed in a June meeting to effectively raise output by 1 million barrels a day to help counteract lost barrels from Venezuela and Iran. However, Venezuela is expected to continue to be a problem, and unless the US softens its tone toward Iran, it will continue to contribute to the overall bullishness in the market.
He said: "Supply side disruptions that are bullish for oil, and demand side forces including the threat of trade protectionism that threaten the global economy and would thus be bearish for oil prices and most other commodities. All factors will push prices higher, but we're still waiting to gauge what level it will surge to with all the uncertainties".
Ardebili said Iran is also on the "two-way street" as a member of OPEC.
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