Published: Fri, November 02, 2018
Finance | By Jaime Brady

Oil prices dip on rising supply and ongoing trade tensions

Oil prices dip on rising supply and ongoing trade tensions

The first set of sanctions that kicked in on November 7 included Iran's acquisition of USA dollars and the second round which comes into effect on November 4, includes the purchase of petroleum and petroleum products from Iran.

Moreover, Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are in "produce as much as you can" mode.

"Today, US officials are lying to the world that Saudi Arabia and other countries should replace Iranian oil so that the price of oil doesn't rise".

Industrial commodities such as crude and copper have been rattled by hefty losses in global equities due to concern over corporate earnings, fears over economic growth amid escalating trade tensions, and a stronger dollar.

Brent crude futures fell $1.43 to settle at $75.91 a barrel, a 1.85 percent decline.

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018.

EIA also forecast WTI prices to increase at a slightly slower rate, leading to a widening of the Brent-WTI spread to 9 dollars per barrel in October.

EIA forecast that USA crude oil production to increase by 1 million barrels per day in 2019.

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All of the other parties to the 2015 Joint Comprehensive Plan of Action had urged Washington not to unilaterally withdraw from the pact, and close allies in Europe have moved to create an alternative payment system to circumvent sanctions after Trump refused to heed their calls.

Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies.

With just days to go before US sanctions on Iran take effect, three of Iran's top five customers - India, China, and Turkey - are resisting Washington's call to end oil purchases outright, arguing there are not sufficient supplies worldwide to replace them, according to sources familiar with the matter.

The government now intends to offer oil on the energy exchange once a week, according to Fars.

The United States has 875 operating oil drilling rigs in this week, adding two more from the previous week, according to data issued by oil service company Baker Hughes on Friday. USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

Baghdad has been saying that it would abide by the USA sanctions on Iran.

The Iranian official also spoke about "European resistance" to US and the help of "friendly countries", such as Russian Federation and China. -China trade war are stirring demand-growth concerns.

Iran on Sunday started offering oil for sale via its stock exchange, selling 280,000 barrels of crude within the first minutes of trading.

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