USA oil prices rise as Gulf platforms shut ahead of hurricane

06 September, 2018, 13:56 | Author: Sheri Evans
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The Global Oil price fell on Monday with rising supply from the Organization of the Petroleum Exporting Countries and non-OPEC countries like the United States.

Brent crude oil LCOc1 was up 37 cents at $78.01 a barrel by 2:54 p.m. EDT (1854 GMT).

Brent was trading in London at $77.14 a barrel at 14:38 GMT, while USA benchmark West Intermediate Texas (WTI) was trading at $70.23/Bbl in NY.

"The prospects of increased supplies from OPEC and her allies, and weaker demand from China and other emerging markets could weigh further on oil prices going forward, or at least limit the upside potential", said Fawad Razaqzada, market analyst at futures brokerage Forex.

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Senior oil ministry officials said clarity on the country's oil purchases would emerge after the meeting and considering India's energy needs, the imports will not be brought down to zero as sought by Washington.

Crude oil has been quite volatile in the past few months ever since the USA announced plans to impose sanctions upon Iran, which has triggered supply concerns.

BNP Paribas says, "Crude oil export losses from Iran due to US sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC production". While the USA crude imports surged by one million barrels a day, exports fell by more than 250,000 barrel per day.

Sushma Swaraj, External affairs minister had said that "India follows only United Nations sanctions and not unilateral sanctions by any country" days after President Donald Trump pulled out of the Iran deal.

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The high rig count has helped lift U.S. crude oil production by more than 30% since mid-2016, to 11-million barrels a day. Iran is sixth at about 5 percent.

David Maher, managing director for energy at commodity trading house RCMA Group, said Venezuela's "declines will continue" as a "lack of cash and infrastructural collapse (are) not easy to fix". Iran, facing the risk of declining sales of its biggest export, will try to close the Strait of Hormuz, a vital conduit for Middle East shipments, if its own flows are blockaded, a top military official said. Tom Kloza, the co-founder of the Oil Price Information Service, told CNBC earlier this month that WTI prices could even surpass $100 per barrel in the coming months. Iran is OPEC's third largest crude oil producer.

"The oil market is expected to trade within the current range".

BNP Paribas expects Brent to average $79 in 2019.

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