Oil falls on concerns over escalating trade row

22 Octubre, 2018, 13:21 | Author: Arnold Perez
  • Oil edges higher amid tension over death of Saudi journalist

USA stockpiles rising by nearly triple what analysts had forecast caused crude prices to drop substantially on Wednesday, with Brent down $1.31 to $80.10 per barrel and West Texas Intermediate plummeting $2.17 to $69.75 per barrel.

Reports say Iran had previously stored oil at Dalian during the last round of sanctions in 2014 that was later sold to buyers in South Korea and India.

For the week, oil futures shed about 3.1%.

United States inventories rose 6.49 million barrels last week, according to government data released Wednesday, more than twice the amount forecast in a Bloomberg survey.

OPEC and its allies, known as OPEC+, have promised to supply the market with an additional one million barrels per day (bpd) since June, but that promise is still work in progress as not all members were able to deliver on their promises, or demand isn't yet there for that much crude.

President Donald Trump said on Thursday he presumes missing Saudi journalist Jamal Khashoggi is dead and that the USA response to Saudi Arabia will likely be very severe but that he still wanted to get to the bottom of what exactly happened.

"Ten to 20 percent of our daily volumes are trading in European and Asian hours. names that we never came across are now regulars", Johnson said, as quoted by Reuters.

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WTI's discount to Brent widened to its most since June 8, hitting $11.00 a barrel.

A coming "seasonal scale back in refinery demand... could result in oil stock builds", said an internal market report, which was circulated late Thursday within the OPEC and reviewed by The Wall Street Journal.

As a result, US gasoline inventories are at a record high for this time of year, almost 10% above the five-year average.

Refiners in Turkey, India and possibly China are reportedly negotiating with US officials over waivers to enable them to continue purchasing at least some Iranian oil after November 4. "Already at $80, we are seeing emerging-market local oil prices pretty close to where we peaked a few years ago ... the race to protect consumers from further price rises from here could potentially impact demand growth sooner than would otherwise have been expected".

NEW YORK, Oct 19 (Reuters) - Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for a second weekly decline on swelling USA inventories and concern that trade wars were curbing economic activity.

The U.S. administration has been pushing its allies to cut Iranian oil imports and is encouraging Saudi Arabia, other OPEC states and Russian Federation to pump more oil to meet the shortfall n the global market.

The veiled Saudi threat to use its weight as the world's biggest oil exporter would be a sharp departure from the stabilising role the kingdom has played since the disastrous 1973 to 1974 oil embargo on the West for their support of Israel.

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