Published: Sun, August 26, 2018
Finance | By Jaime Brady

Oil prices rise for second day, buoyed by fall in U.S. inventories

Oil prices rise for second day, buoyed by fall in U.S. inventories

"With oil export sanctions now three months out, we expect exports to fall by more than 500,000 bpd by the end of 3Q", Jefferies said. China will apply 25 per cent duties on American diesel, gasoline and other petroleum products, but USA crude is excluded from the latest list of sanctions. The actual report was a build rather than a draw due to higher than normal crude oil inputs to the refineries.

US crude rose more than 4 percent on the week, after seven consecutive declines, and Brent rose 5.3 percent after three weeks of falling prices.

Futures in NY were little changed, headed for a weekly gain of about 3 percent.

Oil prices dipped last Friday, with USA crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.

Brent crude futures rose $2.15, or 3 percent, to settle at $74.78 a barrel.

The price of WTI and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $67.22 and $70.27 per barrel respectively.

"You're seeing somewhat of a relief rally here and part of it is technical in nature for crude", with oil bouncing off the $65 level and 200-day moving average, said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle.

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Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming United States sanctions against Iran, which will target oil exports from November.

A weaker U.S. dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

European oil companies have started to cut back on Iranian purchases, although Chinese buyers are shifting their cargoes to Iranian-owned vessels to keep supplies flowing.

Opec has started to boost supplies following a deal with Russian Federation and other allies in June, although producers have been cautious so far.

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the United States and China, the world's two largest economies.

Worries that Mexico's incoming administration would not strike a bilateral agreement over NAFTA with the USA also weighed on the market, traders said.

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