Oil prices fall as US-China trade war clouds demand outlook
Oil prices fall as US-China trade war clouds demand outlook
Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'
22 September, 2018, 10:12
The longer-term outlook remains weighed down, however, by an escalation in the China-U.S. trade war that has clouded the outlook for crude demand.
West Texas Intermediate for October delivery was at $68.93 a barrel on the New York Mercantile Exchange, down 6 cents, at 12:38 p.m.in Seoul.
NSD Logo The Organization of the Petroleum Exporting Countries, OPEC today said, Iran remains a very important member of the oil cartel as Tehran braces for a new round of U.S. sanctions, partially targeting its crude exports.
Mohammed Sanusi Barkindo also said an agreement between OPEC and non-members that cut production and helped bring prices back up from lows of $30 a barrel in January 2016 was now "a permanent feature".
US President Donald Trump has repeatedly urged the cartel to raise its production and said that other countries must stop buying oil from Iran or face US sanctions.
Iran's oil exports are falling as more buyers, including its second-largest buyer India, cut imports ahead of US sanctions that will be re-imposed in November.
Benchmark Brent crude already is nearing $80 a barrel and some believe it may go even higher.
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As the market evaluates the impact of sanctions on Iran, a growing trade dispute between the USA and China has the potential to weigh on demand. "The impact on economic growth is slowly dripping in, which again hurts oil prices", said Wang Xiao, head of crude research at Guotai Junan Futures.
Bloomberg'sreport explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.
Opec with a group of non-Opec producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.
" Oil prices have gone up after Saudi Arabia said it was comfortable with Brent oil above $80 a barrel", Olivier Jakob of Petromatrix consultancy said.
U.S. crude futures CLc1 were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week.
Brent may fall more than $1 to $76.37 a barrel while WTI crude prices may revisit the September 14 low of $67.94, he wrote.
OPEC Secretary General Mohammad Barkindo said on Tuesday that OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December, when the oil producers plan to meet in Vienna.
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