Published: Wed, August 15, 2018
Finance | By Jaime Brady

Oil holds gain as Iran concerns counter bearish United States rigs report

Oil holds gain as Iran concerns counter bearish United States rigs report

Estimates of the potential supply disruptions in Iran have been all over the map, but they have narrowed more recently, with the extreme scenarios (almost no impact from sanctions on Iran's exports on the one hand; oil exports heading to zero on the other) mostly discarded in favor of some sort of middle-of-the-road scenario.

"The recent cooling down of the market, with short-term supply tensions easing, now lower prices, and lower demand growth might not last", the IEA said in a monthly report. Oil prices spiked in May when Trump announced that he was imposing sanctions on Iran and leaving the Joint Comprehensive Plan of Action (JCPOA).

Oil prices decreased on Monday as data showed that inventories at a major USA crude delivery hub rose last week.

In a monthly report, OPEC said the world will need 32.05 million bpd of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast.

Oil prices slid Monday after inventories at a key United States crude delivery hub jumped last week, adding to demand concerns.

Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of U.S. sanctions, state news agency IRNA reported on Monday. Meanwhile, U.S. output, which had surged to a record last month, has slowed in recent weeks.

The demand side of the equation has also slowed, a development that is just as significant. "But the impact on investment mood is starting to show", Brown said.

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New Delhi, Aug 13 Crude oil prices rose by 0.51 per cent to Rs 4,698 per barrel in futures market today as participants raised bets, tracking a firm trend in the global markets.

Oil drops as economic turbulence in Turkey and the strengthening greenback heightens concerns about global oil demand.

The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of global affairs, knows that such thing is impossible, the official added.

Australia, another rich economy in the region, has also seen strong demand, importing some 370,000 bpd in July, up from an average of 333,000 bpd in the first half of the year.

Shipping data suggests July oil imports into China, India, Japan, South Korea and Taiwan were around 19 million bpd. Gasoline production averaged 10.2 million bpd, from 9.9 million bpd the week before last.

Although that's slightly above June, it's below the figures for April and May. Mee is even more bullish, seeing the ultimate loss of supply at more than 2 million bpd.

Escalating trade disputes between the US, China and other countries have dimmed the outlook for economic growth and boosted the US dollar, making oil more expensive for consumers using other currencies.

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