Oil prices drop concerns of global economic slowdown
Oil prices drop concerns of global economic slowdown
Oil Prices Gain on Falling U.S. Inventories
26 August, 2018, 12:30
Oil prices rose on Friday as USA sanctions on Iran are expected to cut significant volumes of crude from the market, although trading was muted by concerns over the unresolved trade dispute between Washington and Beijing, Reuters reports.
US investment bank Jefferies said on Friday there was an emerging "lack of demand" for crude oil and refined products.
By October, Nigerian oil supply is projected to hit a three-month high with a total of 38 cargoes, derived from daily loadings averaging 1.12 million barrels.
Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the U.S. and China, the world's two largest economies.
In spite of these bearish factors, analysts said prices were prevented from falling further because of US sanctions against Iran, which target the financial sector from August and will include petroleum exports from November.
The global benchmark for crude oil, Brent International's futures contract for October delivery was trading at $72.60 per barrel, which was an increase of $0.39 cents. USA crude CLc1 was up 89 cents, or 1.3 percent, at $68.72.
The trade dispute between the United States and China deepened on Thursday with the imposition of 25% tariffs on US$16 billion worth of each other's goods.
"These (overall) measures are expected to shave up to 0.3-0.5 percentage points from China's real GDP growth in 2019", said rating agency Moody's Investor Service. USA light crude CLc1 was 10 cents lower at $67.76.
The shift shows how trade is being affected even before United States sanctions targeting Iran's crude exports snap back into effect in early November.
India's crude oil imports declined amid fear of sanctions from the USA as back in June the U.S. has also asked all countries including India, to stop oil imports from Iran by November or else face sanctions from the US.
Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the U.S. side.
American crude oil stockpiles are predicted to go down by 2 million barrels ahead of the Energy Information Administration's weekly report that is due to be published on Wednesday.
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