US Crude Oil Price Rallies After Slump

14 July, 2018, 08:00 | Author: Regina Silva
  • US Crude Oil Price Rallies After Slump

However, there was speculation that Saudi Arabia, which has about 18 percent of the world's proven petroleum reserves, would tap into its spare capacity of 2 million barrels per day to add more oil to the markets, while United States shale production also remained robust.

"The China-US trade war might be shaking the stock markets, but for Asian crude buyers, this may yield positive outcome actually ..."

Washington had previously said countries must halt all imports of Iranian Crude Oil from 4 November or face U.S. financial restrictions, with no exemptions.

Tripoli-based Libya National Oil Corp said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.

Economists expect the Brent crude oil price to average between $72 (R963) and $80 per barrel for the remainder of the year, due to geopolitical risk factors.

The prospect of sanctions on Crude Oil exports from Iran, the world's 5th-biggest Crude Oil producer, has helped drive up Crude Oil prices in recent weeks with both Key Crude Oil contracts trading near 3.5 year highs.

Oil has been trading near a three-year high as concerns of a supply crunch due to disruptions from Libya to Venezuela and renewed United States sanctions on Iran overshadowed a pledge by Organization of Petroleum Exporting Countries and its allies to boost production.

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Moving forward, we have to consider several factors. Still, there is concern that doing so will use up global spare capacity and leave markets vulnerable to further or unexpected production declines.

Futures in NY fell as much as 1.3 percent after the Trump administration unveiled a list of $200 billion in Chinese goods that could face 10-percent tariffs after public consultations end on August 30.

Following recent port closures, Libyan production fell to 527K barrels per day from 1.28M barrels per day in February 2018.

A separate State Department official told reporters that the US was working with Saudi Arabia to avoid price volatility.

The disruptions add to supply worries around the world.

Prospects of US sanctions on crude exports from Iran, the world's fifth-biggest oil producer, has helped push oil prices up in recent weeks, with both crude contracts trading near 3-1/2-year highs until Wednesday. This will bring additional crude to the market.

The Taiwanese end-user could have paid premiums of around $1/b to Platts Dated Brent on a delivered basis, market sources said, adding that light sweet USA crude cargoes offered into Asia recently have been quoted at attractive price levels.

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