Published: Mon, October 22, 2018
Finance | By Jaime Brady

Oil falls to one-month low after U.S. crude stockpiles surge

Oil falls to one-month low after U.S. crude stockpiles surge

Oil inched up amid ongoing tensions over the death of a prominent Saudi journalist, with prices steadying after a big drop overnight due to a jump in USA crude stockpiles, Reuters reports.

West Texas Intermediate for November delivery traded 11 cents lower at $69.64 a barrel on the New York Mercantile Exchange at 2:25 Singapore.

Meanwhile, sources previously said that during the sanctions scheme of 2011 by the US, TÜPRAŞ was able to purchase 3 to 4 cargoes of Iranian crude a month and that they would want to be able to stick to that this time as well instead of completely stopping.

On Wednesday, the Energy Information Administration reported us crude oil inventories rose 6.5 million barrels (Mmbbl) last week, the fourth consecutive weekly increase and nearly three times what analysts expected.

More than 20 million barrels of oil have been shipped to Dalian by the National Iranian Tanker Company (NITC), Reuters reports, citing an unnamed Iranian shipping source. Even as the disappearance of Jamal Khashoggi kept the market on edge, President Donald Trump cautioned against putting the entire U.S. -Saudi relationship at risk.

He also said that the issue was discussed here with ministries by the US Special Representative for Iran, Brian Hook.

For the week, Brent crude was 1 per cent lower while WTI futures were down 3.4 per cent, putting both on track for a second consecutive weekly decline.

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Offering oil will be continued till November 4, the date when the second round of USA sanctions will be imposed, and the new decision about continuing selling crude oil in the stock market for export and some other details in this regard would rely on the made assessments and the gained experiences in this period, Kardor said.

He also said that the US response to Saudi Arabia would likely be "very severe" but he would still want to get to the bottom of what exactly happened.

The US dollar index that tracks the US dollar against a basket of the other currencies edged up 0.06 percent to 95.41 on Thursday and reached a fresh one-week high.

The planned maintenance of Russian refineries could hit oil prices charged by Moscow and its competitors in Europe in particular, the OPEC report said.

On the other hand, Trump could opt to take a middle ground in an effort to prevent oil and gasoline prices spiking ahead of the midterm elections.

On Oct 9 the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, partly due to the toll trade policy tensions and the imposition of import tariffs were taking on commerce.

I think at this point, the oil markets are very skittish as there are tensions between the United States and Saudi Arabia, and then of course the Iranian sanctions. Saudi Arabia denies that it had any role in Khashoggi's disappearance.

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