Oil prices seesaw as United States trade dispute with China rattles market

11 April, 2018, 12:39 | Author: Martin Tyler
  • Crude Oil Price Forecast: Demand Now in Focus

Both have erased their losses from last week, when concerns over a possible trade war between the two largest economies contributed to declines of more than 4 percent.

Oil markets stabilised on Monday after slumping around 2 percent last Friday on concerns over an intensifying trade dispute between the United States and China, as well as increased US drilling activity.

But future USA involvement in the Middle East could interrupt crude supply chains and make it hard for producers to ship overseas, sparking a bid for oil on Tuesday.

In physical oil markets, OPEC's number two producer Iraq said on Monday that it is keeping prices for its crude supplies in May steady.

US West Texas Intermediate (WTI) crude futures for the May contract edged higher by 1.2 percent to $64.22 per barrel, while global benchmark Brent futures for June delivery climbed by 1.2 percent to $69.53 per barrel.

Oklahoma teacher participating in walkout raising money to run for House seat
In Kentucky, teachers also protested in their state Capitol earlier this week in Frankfort. Many say they are exhausted but energized by the support they have received.

Brent crude futures LCOc1 fell to $70.80 per barrel at 0702 GMT, down 23 cents, or 0.3 percent, from their last close.

There are also concerns that the United States could renew sanctions against Iran, a major Middle East oil producer.

U.S. WTI crude futures were up 25 cents at $62.31 a barrel.

"Oil prices have been susceptible to the brewing trade tensions between China and the US ..."

Investors looked forward to data on USA crude inventories and Organisation of Petroleum Exporting Countries (OPEC) production levels.

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That was the highest turnout figure at that time since at least 1998. "From here I will go and take part in mobilizing voters". Orban is expected to continue his economic policies, with income tax cuts and incentives to boost growth, analysts have said.

Oil markets have been supported by healthy demand and supply cuts led by the Organization of the Petroleum Exporting Countries.

Official data from the Energy Information Administration will be released today, amid forecasts for an oil-stock gain of around 0.2 million barrels.

However, soaring United States crude production C-OUT-T-EIA, which has jumped by a quarter since mid-2016 to 10.46 million barrels per day (bpd), is threatening to undermine OPEC's efforts to tighten the market and prop up prices. Analysts polled by S&P Global Platts expect the agency to report a weekly rise of 100,000 barrels in crude stockpiles, along with declines of 2 million barrels in gasoline and 1.2 million barrels in distillate supplies.

"Oil prices remain rangebound with WTI oil right in the middle of the $60-$65 per barrel range that has largely held since January of this year", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Car drives into crowd in Germany, several dead
Earlier, the Interior Ministry said four people had died, but officials have since revised the total number of dead down to three. She added "everything conceivable is being done to investigate the crime and support the victims and their relatives".

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