‘India seeks to continue importing Iran oil despite USA sanctions’
26 August, 2018, 12:29 | Author: Salvatore Jensen
Oil prices dipped last Friday, with US 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.
"Thus, the official inventory data this afternoon are also likely to show a more market inventory reduction, which would see the zigzag course followed by US crude stocks in the summer months continue", the analysts wrote in a note Wednesday.
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.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.24 per barrel, up 41 cents, or 0.6 percent.
The U.S. government re-imposed sanctions on Iran this month after withdrawing from a 2015 worldwide nuclear deal, which Washington saw as inadequate for curbing Tehran's activities in the Middle East and denying it the means to make an atomic bomb.
Worldwide markets weakened as the intensifying trade spat between the United States and China was seen as a drag on economic growth.
Benchmark Brent crude oil was up 60 cents a barrel at $75.33 by 0935 GMT. Instead, both countries activated another round of dueling tariffs on $16 billion worth of each other's goods.
The trade war is "expected to shave up to 0.3-0.5 percentage points from China's real GDP growth in 2019", saidMoody's Investor Service, adding it should cut 0.25 percentage point from projected US real GDP growth "to 2.3 percent in 2019".
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.
In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that U.S. crude stocks fell last week by 5.2 million barrels. USA light crude was 10 cents lower at US$67.76.
The prospect of a drop in oil exports from Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, in response to new United States sanctions was also supporting the market.
Oil demand is closely linked to economic activity and the trade dispute has already led analysts to trim their forecasts for future energy consumption.
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